The Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) has vowed to continue investing in the Philippines despite a turbulent political climate marked by corruption controversies and the persistent tensions between Manila and Beijing over the West Philippine Sea.
‘As the local Chinese, we will continue to invest, we will continue to look at opportunities. Where there is a crisis, there are always opportunities,’ said Cecilio Pedro, honorary president of FFCCCII, the country’s largest organization of Filipino-Chinese businesses.
‘The local Filipino-Chinese will not stop helping the country move forward by investing, by creating jobs,’ he added.
FFCCCII president Victor Lim reiterated this commitment on Monday during the launch of a coffee-table book commemorating the 50th anniversary of diplomatic relations between China and the Philippines.
The launch, held at the Goldenberg Mansion near the Malacañang Palace, was attended by First Lady Liza Marcos, Chinese Deputy Chief of Mission Zhou Zhiyong, Education Secretary Sonny Angara, Foreign Affairs Secretary Tess Lazaro and members of the chamber.
In his remarks, Lim said the FFCCCII remains committed to helping strengthen economic cooperation with China.
‘We shall continue to expand our efforts to promote business partnership and people-to-people exchange between our two countries, and a deep understanding that will promote inclusive economic growth and social development,’ he said.
Slowdown
Lim acknowledged, however, that recent corruption scandals have begun to weigh on business sentiment.
‘To be honest, after this kind of corruption problem, the business is a little bit slowing down,’ Lim said, adding he hopes ‘corruption will be corrected so that our country will grow at a very fast pace.’
As for China, the world’s leading manufacturing hub, it posted its eighth consecutive month of contracting factory activity in November.
Pedro warned that this extended slump could be a cause for concern for the Philippines.
China remains the Philippines’ largest source of imports, supplying $3.41 billion worth of goods in October, or 30.4 percent of the total.
Major factor
Given the uncertainties both at home and abroad, Pedro stressed the need for the Philippines to maintain stable trade relations with both China and the United States.
‘The relationship between the Philippines and China is a major factor moving forward, especially for our economy, since our biggest trading partner is in China,’ he said.
‘Considering the downturn in the economy in the world, we have to stick to our relationship with our friends, specifically China and the US,’ he added.