Arroyo on China: Why not be friends with very rich neighbor?

House Speaker Gloria Macapagal-Arroyo on Monday underscored anew the importance of having a friendly relationship between the Philippines and China, saying that given the current global situation, it is but a "geopolitical reality."

In an interview with GMA resident analyst Richard Heydarian, Arroyo said there are at least four reasons why the Philippines should be friends with China.

"One is that we're neighbors. Don't you want to be friends with your neighbor who's very rich? Second, China is becoming more and more involved not only in the Philippines but also in the ASEAN [region]," she said.

"Third, we have such a very, very big Filipino-Chinese community, and they are very important in our economy. Therefore, they are very familiar with China. So it's natural to deal with China. And China is very much on top in technology and infrastructure and that's what we need for our development," she added.

Arroyo pointed out that the Philippines' friendly relationship with China is nothing new, as it has been that way since the term of former President Fidel Ramos.

"President Ramos had that policy, I continued that policy, [but] there was an interruption in my successor's policy. And now we are back to something that has been there for many administrators," Arroyo said.

"It's not new, and it's certainly sensible," she added.

Arroyo has been consistent in supporting the policy of the Duterte administration to forge closer ties with China.

Mutual benefit

The former president is spearheading the first ever meeting of the Boao Forum for Asia (BFA) in Manila on Monday and Tuesday, which will gather hundreds of Chinese and Filipino business leaders to explore opportunities of investing in China and the Philippines and discuss other future cooperation.

Arroyo is a member of BFA board.

"China is a geopolitical reality, and all the more now. When President Ramos was friendly with China, China was not the second biggest economy in the world [but] poised to become the biggest economy in the world, so even more now," she said.

Arroyo also said that there is nothing to be worried about the so-called Chinese debt trap, which many fear the Philippines would fall into if it fails to pay back its loans from the Chinese government.

"The important thing is that our total debt, wherever it comes from, must conform to the standards of the international community. As long as you comply to those international standards, what is the debt trap?" Arroyo said.

"Our total debt is within international standard, that's why our credit rating remains very high. The credit rating, I would say, is the leading indicator for whether we are falling into a debt trap, and we are not," she added.

Arroyo also allayed fears arising from the dispute between the Philippines and China involving territories in the West Philippine Sea.

She said the Philippines should consider its relationship with China as multi-faceted consisting of political, security, economic and cultural aspects, among others.

"[We should] calibrate those different facets in a way that serves mutual benefits," Arroyo said.

Arroyo said she would even support a possible joint exploration between the Philippines and China in the West Philippine Sea.

During her term as president, Arroyo initiated the Joint Marine Seismic Undertaking, a tripartite agreement among the Philippine National Oil Company, the China National Offshore Oil Corp, and Vietnam Oil Gas Corp regarding oil explorations in the West Philippine Sea. —JST, GMA News