PHL, China take business seriously since Panatag Shoal standoff

Despite the simmering territorial disputes between China and the Philippines over the West Philippine Sea, the business communities of the two Asian neighbors are nurturing the hope of expanding trade and investments. The first large-scale delegation from China, led by the Council for the Promotion of International Trade, on Tuesday met with Philippines industry leaders—the first in a series of dialogues and on-site visits since Beijing and Manila locked horns over Panatag Shoal in April 2012. "This is the first significant business delegation from China since the events last year...” Trade Secretary Gregory L. Domingo told reporters after the Philippines-China Business Forum at the Mandarin Oriental in Makati. “There may have been one or two firms that came before, but this is the biggest,” Doming noted, referring to the meeting with the 56-man delegation from China. “What this means is that it is business as usual... It will even grow," he added. The business meetings will "foster a stronger relationship with China," he said. In a speech during the forum, Domingo said the delegation came at an opportune time when the Philippine economy is growing and a revival of manufacturing sector is in the offing. Among other companies, the delegation consists of officials from State Grid Corp., China International Water & Electric Corp., China Development Bank, Beijing Rembrandt Culture Media Co., and Polyard Petroleum International Co. Ltd. They are looking at the possibility of investing in automotive, power, and utilities, fisheries and mining industries. Domingo noted the Philippines will look at how Chinese automotive parts suppliers can complete the domestic value chain. "There is a trade surplus between China and the Philippines and investments from the Philippines to China grew to $65.45 million,” said Chinese Ambassador to the Philippines Ma Keqing. “Tourism also grew, so there is a vast area for growth for our relationship," she added. For the whole of 2012, trade between China and the Philippines totaled $195 million in 2012. China's foreign direct investments fell by 1.35 percent to $17.5 billion in the first two months of 2013  from a year earlier.   "Regardless of the recent friction, the delegation's number is testament to the renewed interest of both parties in doing business," said Philippine Chamber of Commerce and Industry president Miguel B. Varela. — VS, GMA News