Joseph Araneta Gamboa l April 10, 2024 l Business Mirror
IN 2023, the Department of Trade and Industry (DTI) and its attached agency, the Board of Investments (BOI), held a conference for members of the Chinese Enterprises Philippine Association (CEPA) who wanted to leverage on the numerous prospects that the country has to offer. The BOI conducted the Philippine Investment Opportunities Briefing for CEPA at the New World Hotel Makati last June.
The conference was organized in partnership with the DTI’s Foreign Trade Service Corps and the Bank of China (BOC) Manila Branch. It marked the activation of the BOI-BOC memorandum of understanding on investment promotion signed in Beijing last January 2023 at the sidelines of the presidential visit to China.
Since then, more and more Chinese enterprises have been eyeing the Philippines as a prime hub for their investments. CEPA President Hu Xinquian, who is also the BOC Country Head for the Philippines, led the delegation of 70 Chinese business executives who are engaged in the finance, telecom, energy, agriculture, manufacturing, engineering, and construction industries.
Last month, the CEPA hosted the 135th Canton Fair Roadshow at the Seda Hotel BGC in Taguig City. To be held in Guangzhou City on April 15 to May 5 this year, the Canton Fair is China’s biggest and longest-running trade fair for importers and exporters. Its first edition took place in 1957 and has since been staged twice a year—every spring and autumn without fail, even during the pandemic when it only went online in 2020 and immediately resumed face-to-face sessions in 2021.
During the roadshow, Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. (FFCCCII) President Dr. Cecilio K. Pedro said the Philippines should continue to pursue stronger trade ties with China despite recent incidents in the West Philippine Sea. He appealed to Filipino businessmen not to be deterred by current news headlines that may cast shadows of discord in the bilateral relationship.
Pedro pointed out that over the past eight years, China has become the biggest trading partner and second largest export market of the Philippines. He believes that “the path to peace and prosperity lies in the steadfast economic cooperation between our two countries” and therefore encouraged Philippine firms to join the Canton Fair, the success of which “not only promises to invigorate economic progress across our Asian region, but also serves as a cornerstone for regional stability and cooperation.”
DTI Undersecretary Ceferino S. Rodolfo was in agreement with Pedro that “politics and economics must be separated amidst geopolitical tensions.” He disclosed that Guangdong Province, which is the site of the semi-annual Canton Fair, has emerged as the Philippines’ top trading partner among all Chinese provinces—accounting for almost 25 percent of total trade between our two countries, which reached almost $40 billion in 2023.
Rodolfo is concurrently the head of the DTI’s Industry Development and Investment Promotions Group. He also believes that “trade is a potent force for peace” and the participation of Filipino entrepreneurs in the Canton Fair will not only be to tap into sourcing or export opportunities and to benchmark global best practices, but would likewise encourage Chinese companies to invest in the Philippines.
Dugong Tsino, Pusong Pinoy
THAT is the title of the first-ever English-language coffee table book published by the FFCCCII. The 150-page volume celebrates the first seven decades of the country’s foremost Chinoy organization composed of 170 chapters across the Philippines.
Unveiled last month at the FFCCCII headquarters in Binondo, the world’s oldest Chinatown, the book chronicles the 70-year history of business advocacies, socio-civic engagements, philanthropic pursuits, and economic diplomacy initiatives as a testament to the Filipino-Chinese business community’s extraordinary journey.
According to the book’s editorial, “Dugong Tsino, Pusong Pinoy” is more than just a commemoration of FFCCCII’s 70th anniversary. It is “a celebration of Philippine-China ties, formed by time, fortified by our shared history and destiny” and also “a celebration of the foremost product of the deep bonds between our two nations—the Chinoy.”
*** Joseph Gamboa is the vice-chairman of the Ethics Committee of the Financial Executives Institute of the Philippines (Finex) and the director of Noble Asia Industrial Corp. The views expressed herein do not necessarily reflect the opinion of these institutions and the BusinessMirror. #FinexPhils www.finex.org.ph. Photo from Pinterest.