The Philippines is not closing its doors to investments and tourists from China despite rising tensions in the West Philippine Sea.
National Economic and Development Authority Secretary Arsenio Balisacan said in a panel discussion in Pasay City yesterday the Philippines welcomes all countries for investment and tourism.
“We have no intention of restricting investments or tourists from China to the Philippines. Everyone is open to come to the country for investment as investors, as tourists,” Balisacan said.
“We are all part of these interconnected economies in the region and… we like it or not, we are all linked to that same global supply chain directly or indirectly,” he added.
The NEDA chief said while the share of foreign direct investments from China is “quite small,” the area where the country is most exposed to China is in trade.
“We are part of the global supply chain. As the Philippine economy has become increasingly integrated in the region and in the world, that share of China to total Philippine trade has increased over the years,” he said.
““Nobody is spared from supply chain disruptions whether that is due to natural shocks like climate change or geopolitical tension. So clearly, the Philippines has been affected one way or another, directly or indirectly,” he added.
Based on the latest data from the Philippine Statistics Authority, China is the largest supplier of imported goods in April, valued at $31.5 billion or 28.7 percent of the country’s total imports for the month.
China is also one of the Philippines’ top five export trading partners in April, accounting for 11.3 percent of total exports equivalent to $702.02 million.
