China and the Philippines are close neighbors with long-standing friendship. In their recent meeting, President Xi Jinping and President Marcos pointed the way forward for bilateral cooperation. In recent years, bilateral trade and economic cooperation has been fruitful under the strategic guidance of the two Presidents.

By the end of 2021, China had been the largest trading partner of the Philippines for six years in a row and jumped to its second largest export market. China is also the third largest market for Philippine agricultural exports. In the first eleven months of 2022, trade between the two countries reached USD80.41 billion, up 8.3%. At the 5th CIIE, the Philippines added 240 m2 of exhibition area and 19 exhibitors compared with the previous year. It has become the largest source for banana and pineapple imports into China. Its coconuts, avocados, and frozen fruits have also entered the Chinese market. Fresh durian will soon be exported to China.

Chinese businesses have engaged in effective investment cooperation with the Philippines. Philippine statistics show that investment agreements with Chinese companies totaled USD2.9 billion from 2016 to 2021, covering service outsourcing, logistics, agriculture, steel, and communications and demonstrating great vitality.

Going forward, MOFCOM will work with Philippine authorities to implement the common understandings of the two Presidents by increasing imports of quality goods from the Philippines, supporting business investments to the Philippines, aligning China’s Belt and Road Initiative and the Philippines’ Build Build Build program, expanding cooperation into new areas, such as green economy and the digital economy, and advancing the “Two Countries, Twin Parks” project in tandem. We believe these efforts will bring bilateral trade and investment to a new level. Thank you.