PHL opens more trade and investment opportunities in regional rebalancing

President Rodrigo R. Duterte and his Cabinet is moving strongly and swiftly towards regional economic rebalancing for closer integration in Asia, the National Economic and Development Authority said on Friday.

"This is why the President prioritized foreign trips to the ASEAN and Asia. As a result, the Philippines has now opened more widely its opportunities for trade and investment to a market of 1.8 billion people across the region, the NEDA said in an emailed note, called "Statement of the Philippine Economic Team on Regional Economic Rabalancing for Closer Integration in Asia.

On Thursday, Trade and Industry Secretary Ramon Lopez told a business forum in Beijing that China and the Philippines will sign $13.5 billion in deals during Duterte's trip to China.

Chinese President Xi Jinping met Duterte and said his "milestone" visit could help "fully improve" ties, which have suffered from a territorial dispute in the South China Sea.

ASEAN economies interested in such integration, according to the NEDA, saying  China has committed to open its trade and capital markets.

The Philippines intends to maintain relations with the West, "but we desire stronger integration with our neighbors. We share the oriental culture conducive to better understanding with our regional partners. This regional integration is similar to what has been done in the North American Free Trade Agreement (NAFTA) in North America, European Union, and MERCOSUR in South America. The Philippines is therefore integrating with the ASEAN, China, Japan, and South Korea, the NEDA said.

In a separate statement, the Department of Information and Communications Technology noted that keeping legacy of ties with the traditional trade and economic partners is a sincere effort on the Philippines.

“All business investments, contracts and commitments, local and international, in the country and for our country will be honored by the Philippine government, consistent with the non-impairment and due process clauses in the Philippine Constitution and existing laws of the land, said Information and Communications Technology Secretary Rodolfo A. Salima.

"This pledge has been made by the President often during our meetings. The President is sincere on this pronouncement and he will be true to his words.”

The Asian economic integration is long overdue compared with the regional integrations elsewhere, the NEDA said. — VDS, GMA News