Philippines works to lure more Chinese investors

By IVCPOST Staff Reporter

Sep 21, 2013 06:28 AM EDT

The Philippine government was working to get more Chinese investors to put their money in the country. Department of Trade and Industry Secretary Gregory Domingo told reporters yesterday that he had talked with Chinese officials to encourage more investments in the Philippines. Domingo attended the 10th China-ASEAN (Association of Southeast Asian Nations) Expo (CAEXPO) held in Nanning earlier in September.

Domingo said, "Historically, we have had under-representation in Chinese investments from way before. Last time I was in Nanning, we discussed that we should correct the imbalance." Last year, Philippine investments to China amounted to USD 130 million. In the same period, however, Chinese investments only reached USD 65.4 million.

Despite the tension between China and the Philippines over a territorial dispute on the West Philippine Sea, Domingo said he was still able to present investment opportunities in the Philippines to Chinese businessmen. He said the country was looking for investors in the sectors of agribusiness, tourism, manufacturing and infrastructure.

The CAEXPO is held each year to improve the trade and economic relationships between China and the rest of the ASEAN.

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