China’s direct investment in the Philippines increased by 82.5% in the first 5 months, according to the Chinese Embassy.
In 2019, the Chinese Embassy said bilateral trade volume reached US$60.95 billion, with a 9.5% year-on-year increase. Last year, the total value of China’s newly signed contractual projects in the Philippines reached US$6.24 billion, up 102% year on year.
The synergies between the ‘Belt and Road Initiative’ and the ‘Build, Build, Build’ programs “have been deepened, and a series of important programs are being pushed forward in a steady pace.”
According to Chinese statistics, in the first five months of 2020, trade in goods between China and ASEAN topped US$242.4 billion, up by 0.9 percent year on year against all odds, with China still being the largest trading partner of the Philippines.
China’s investment in ASEAN increased by 11.7 percent on a yearly basis, among which direct investment by China towards the Philippines increased by 82.5%.
“In order to maintain the momentum of trade and investment, we are currently discussing the establishment of a ‘fast track’ for the movement of people and a ‘green corridor’ for the flow of goods with concerned parties in order to create a more enabling environment, shore up the confidence and energize the trade and investment recovery,” the Chinese Embassy said.