The Philippine Board of Investments (BOI), the industry development and investments promotion arm of the Department of Trade and Industry (DTI), and Bank of China (BOC) have renewed their Memorandum of Understanding (MOU) to promote business cooperation and foreign investments in the Philippines.
The MOU was signed during President Ferdinand “Bongbong” Marcos Jr.’s three-day state visit to China, during which Manila and Beijing are expected to bolster trade and investment ties and address security issues of mutual concern.
With the MOU, BOI and Bank of China renew cooperation to promote bilateral trade and investments between the Philippines and China through the conduct of seminars and missions, including business matching activities between the two countries. Both parties will also collaborate to foster economic and industrial linkages between investors and corporations in the way of information monitoring and sharing of business and industry data.
Additionally, BOI and Bank of China will also set up a special working team to undertake areas of cooperation and other shared efforts to attract more investments into the Philippines.
“We welcome the continuation of this strategic partnership with Bank of China and we look forward to working with them to further enable trade and collaboration between our two nations,” said DTI Undersecretary and BOI Head Ceferino S. Rodolfo.
Chen Huaiyu, Bank of China Executive Vice President, said substantial progress has been made in the economic and commercial cooperation between the Philippines and China in recent years.
