(FILE) National flags are placed outside a room where Philippine Finance Secretary Carlos Dominguez and China’s Commerce Minister Gao Hucheng address reporters after their meeting in Beijing, China, January 23, 2017. REUTERS/Damir Sagolj
MANILA, Philippines — More investments from China in the Philippines will mean more jobs for Filipinos, Department of Trade and Industry (DTI) Secretary Alfredo Pascual.
Pascual was able to join President Ferdinand Marcos Jr. during the Chief Executive’s state visit to China from January 3 to 5, where they met with Chinese business leaders and investors. According to Pascual, these business leaders have expressed interest in investing in the Philippines.
READ: Marcos: PH-China ties entering ‘new chapter’
“The immediate impact for Filipinos will be jobs because the importers would be buying products that are produced in the Philippines and the companies that are producing them will have to rev up or increase their production,” said Pascual.
According to a statement from the Presidential Communications Office, Pascual also believes that investments from China would also help the Philippines in terms of foreign exchange earnings if local agricultural products are to be exported to China.
Marcos previously said China has agreed to import agricultural products like durian from the Philippines.
READ: Durian, PH fruits’ entry into China to help cut trade gap
The Philippines can also reduce costs of agricultural output by availing of foreign trade agreement concessions or preferential tariffs treatment, added Pascual.
“That opens up market both ways, you know, between the Philippines and China. But eventually, we’ll have to negotiate [a] direct foreign trade agreement with China to focus on very specific products,” he said.