DTI chief: Philippine economy
gains from better ties with China, Russia
MANILA, April 25 -- The Duterte administration’s push to achieve better
relations with countries like China and Russia has brought gains to the
Philippine economy, Trade Secretary Ramon Lopez said.
During the 2nd Dutertenomics Forum at the Conrad Manila on Tuesday, Lopez
noted that the country received purchase commitments from China and Russia
after President Rodrigo Duterte voiced his intention to be friends with
these two nations.
This followed with the Chief Executive’s state visit to China in October
The meeting of President Duterte and Chinese President Xi Jinping resulted
in commitments of boosting economic cooperation and partnership between
Manila and Beijing.
For instance, Lopez said that China now sends technical experts to the
country whenever there are issues on products that do not meet the
international standards. Unlike before, China immediately banned the
products and suspended the exporters to ship products in their borders if
there were problems on standards.
To date, the two countries signed purchase deals of agricultural and
industrial products worth USD1.7 billion, which translates to increasing
Philippine exports to Chinese markets.
Likewise, Russia pledged to purchase USD2.5 billion worth of agricultural
products from the Philippines.
Most of the goods that will be imported by Russia from the Philippines are
currently being sourced from South America.
Next month, President Duterte is set to visit Russia.
Moreover, Lopez stressed that the better diplomatic ties with China and
Russia opened more opportunities for Filipinos like job generation and
access to new and large markets.
“Creating more opportunities to empower Filipino is what Dutertenomics is
all about,” the trade chief said. (PNA)