The Board of Investments (BOI) has signed an agreement with the Bank of China (BOC) to promote investments in the Philippines.
Under a memorandum of understanding (MOU), BOI and BOC will conduct investment seminars or missions, which include business-matching activities.
They will foster economic and industrial links between investors and companies by sharing and monitoring information on doing business in the country, as well as industry data.
If needed, the two will also set up a special working team to oversee areas of cooperation and exert efforts to attract more investments to the country.
“We are delighted to offer various investment opportunities that can be registered with the BOI through the 2017-2019 Investment Priorities Plan for Chinese companies,” said Ceferino Rodolfo, Trade undersecretary for industry development and BOI managing head.
“The BOI can help investors, starting with their due diligence up to the company’s full operations,” he added.
“We hope that, through this collaboration, [Philippine-Chinese] economic relations will continue to prosper and bring in more Chinese investors to do business in the country,” Rodolfo said.
For his part, Bank of China Ltd. Manila Country Head Deng Jun, who signed the MOU on BOC’s behalf, said more Chinese businessmen are interested to invest.
“We are very happy to collaborate with the BOI by promoting Philippines to our business clients,” Jun said.
“As more Chinese investors are showing genuine interest to do business here, the BOC’s mission is to be the bridge between the Chinese market and the Philippine market and promote the use of RMB as an alternative settlement currency to lower the cost of trade between these two countries,” he said.
The MOU came after Philippine and Chinese officials signed $13.5 billion worth of business agreements during President Rodrigo Duterte’s visit to China in October 2016. These covered trade and investments, agriculture, and maritime security.
These deals were expected to generate more than 1 million jobs for Filipinos.
Chinese investments reached P2.07 billion last year, 388 percent higher than 2016’s figure, making the East Asian nation the Philippines’ eighth largest investor.