
President Duterte shakes hands with a Chinese military official: President Rodrigo R. Duterte shakes hands with a Chinese military official upon his arrival at the Beijing Capital International Airport on Monday (Oct. 17, 2016). (PNA photo by Toto Lozano/PPD/PNA) MANILA, Oct. 19 (PNA) — The Philippines’ current pivot to China concerns trade and not aids, with USD18 billion in export deals, USD6 billion foreign direct investments (FDI), some USD10 billion ODA loans for railways and the prospect of about 3 million tourists, and modern technology for renewable energy. Albay Rep. Joey Sarte Salceda articulated this perspective and said President Rodrigo Duterte’s visit to China, at the invitation by Chinese President Xi Jinping, is hailed by many as a game changing pivot in trade and investment. A noted economist, Salceda, in a recent TV interview said China is officially listed as third largest trading partner of the Philippines with about USD17 billion investment in the country, next to ASEAN with USD18 billion and Japan as the largest with USD21 billion. Contrary to common perceptions, he said the US comes only as the Philippines’ fourth largest trading partner, with USD16 billion investments. If informal trading is considered, he pointed out, China emerges as the Philippine’s largest partner, with about USD32 billion, and such massive trade relations do not benefit from protection nor promotion. He added that trading between the Philippines and China concerns mostly undeclared and undervalued commodities, resulting to trade imbalance of USD5 billion annually (USD11 billion import and USD6 billion Read More …