PH to attract Chinese money
Finance Secretary Carlos Dominguez. INQUIRER FILE PHOTO
With strong economic growth, more foreign exchange reserves than foreign debt, strong banks and a young, well-educated population, the Philippines is in a “golden moment” for luring foreign direct investment
On the sidelines of the annual World Bank and International Monetary Fund meeting in Washington, Finance Secretary Carlos G. Dominguez said that encouraging Chinese investments into the Philippines was a top priority of President Duterte’s visit to Beijing on Oct. 19-21.
Up for discussion in the President’s visit to China is the potential Chinese investment in a new railway linking Manila with southern Luzon, power grids and other projects.
These investments could come through Beijing’s new multilateral development lender, Asian Infrastructure Investment Bank (AIIB), but the Philippine Congress has to ratify membership in AIIB.
Mr. Duterte would discuss “areas of mutual interest” with Chinese leaders without making them “lose face” over an international tribunal ruling against China’s claims in the South China Sea.
With its strong economic fundamentals, the country could get over “bumps in the road” arising from Mr. Duterte’s tirades against the United States, and the war on drug cartels that has claimed at least 3,800 lives, and has raised concerns from the Washington, United Nations and European Union.
Dominguez said the US-Philippine relationship remained “rock solid” due to longstanding family and business links.
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