Filipino-Chinese businesses bullish on Marcos’ state visit to China, push for joint exploration talks

Filipino-Chinese businesses are optimistic that the upcoming state visit of President Ferdinand "Bongbong" Marcos Jr. to China will boost areas of cooperation, including a potential joint exploration of resources in the West Philippine Sea.

The Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) on Wednesday said its officials would be joining Marcos and his delegation during the state visit scheduled for January 3–6, 2023. 

"We believe this historic state visit is very important to the growth potentials of our Philippine economy, because China is our most important economic and trade partner, the world’s emerging new economic superpower, and our neighbor," the FFCCCII said in a statement read by its president Henry Lim Bon Liong during a press conference.

"We are hopeful for enhanced Philippines-China economic and development partnerships, especially in areas of agriculture, trade, infrastructure, energy, tourism, and people-to-people exchanges," it added.

Latest data available from the Philippine Statistics Authority (PSA) showed that China was the top importer of goods in October ($2.22 billion) and the fourth top export destination for goods made in the country ($959.59 million).

The FFCCCII is also optimistic that the state visit will entice more Chinese industrial export enterprises to invest in the Philippines, with Chinese export factories going to Vietnam, Thailand, Cambodia, and Indonesia.

"Hopefully also, there will be progress in possible joint oil and gas exploration in the seas that shall benefit both the Philippines and China, with hopefully wisdom and political will from our national leaders as they meet in Beijing," it said.

Marcos’ spokesperson in August said his administration would explore the possibility of joint oil and gas exploration between the two countries in the West Philippine Sea.

President Ferdinand "Bongbong" Marcos Jr. met with Chinese President Xi Jinping on the sidelines of the Asia Pacific Economic Cooperation (APEC) Summit in Bangkok last month, which the chief executive said was more about getting to know each other, although they talked "a bit" about regional issues.

In the meeting, Xi was reported to have said that the two parties should stick to "friendly consultations" when dealing with issues involving the South China Sea.

In 2013, the Philippines filed an arbitration case against China over its South China Sea claims.

Beijing's claims were rejected by a Hague-based tribunal in 2016, but it refused to accept the decision and continued in its efforts to establish a stronger presence in the region. —VBL, GMA Integrated News