Metro Manila, Philippines – The Marcos administration is looking to tap the vast Chinese market through Hong Kong as the Philippines steps up efforts to attract investments and expand its economic reach in the region.
Finance Secretary Frederick Go led the Philippine economic briefing in Hong Kong on the sidelines of the Belt and Road Summit, pitching the Philippines to business leaders, investors, financial institutions and entrepreneurs.
“Hong Kong is a global financial center and a gateway to Asia. The Philippines is a fast-growing economy with talent, scale, resources, and a strategic location in the region. Our strengths complement each other,” Go said in a statement on Monday, Sept. 7.
The investment push comes as Manila seeks to broaden economic opportunities despite continuing political and maritime tensions between the Philippines and China.
The Philippines already has access to both the Chinese and Hong Kong markets through regional trade arrangements, including the ASEAN-China Free Trade Area, ASEAN-Hong Kong Free Trade Agreement and the Regional Comprehensive Economic Partnership.
The Department of Finance has highlighted these agreements as part of a wider access to international markets.
In Hong Kong, the economic team pitched opportunities in semiconductors and electronics, mineral processing, pharmaceuticals and medical devices, food and agriculture, steel, renewable energy, infrastructure and tourism.
The administration also highlighted reforms intended to lower the cost of doing business and make investments more predictable, including the CREATE MORE Act, the Public-Private Partnership Code and longer lease terms for foreign investors.
Go has previously said the administration is seeking greater economic engagement with China, including through relaxed visa requirements intended to boost tourism, trade and investments.
The Hong Kong briefing is part of the administration’s broader campaign to attract private capital into industries it sees as potential drivers of Philippine growth.
The economic push comes amid rising tensions between the Philippines and China in the South China Sea. Both countries, however, said that maritime disputes do not define the bilateral ties of Manila and Beijing.
