Dominguez sees China as PH’s ‘most important’ trade partner
Warmer ties mean bigger trade flows according to this Cabinet official.
Finance Secretary Carlos Dominguez III said China is poised to be the Philippines next-biggest trading partner in the years to come, as the Duterte administration opens up the gates for bigger exchanges between the two nations.
In a statement, Dominguez said bilateral trade is seen to grow drastically in the years ahead with greater investments and tourist inflows from China to the Philippines.
“In a couple of years, we expect China to become our most important partner in trade. The benefits to both our economies are enormous,” Dominguez said.
This comes as the Philippines seeks loans from China for local infrastructure, which in turn could involve using Chinese contractors and equipment to make the new projects here.
Japan is currently the biggest trade partner of the Philippines, with China as the fourth biggest source of flows.