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March 16, 2017

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China to buy Philippine products in US$1.7b

CHINA and the Philippines yesterday signed purchase agreements that commit Chinese businessmen to buy US$1.7 billion worth of fruits and other agricultural products from the Philippines.

Zhao Jianhua, the Chinese ambassador to the Philippines, said the agreements “are an effort to balance the trade” between China and the Philippines.

He said the signing of the purchasing agreements was the “advanced result” of Philippine President Rodrigo Duterte’s state visit to China in October.

The agreements will be the first of many as China also seeks to import more non-food goods such as chemicals and related products.

China has increased its fruit imports such as mangos and pineapples from the Philippines after Duterte’s visit to Beijing.

Philippine Trade Secretary Ramon Lopez said discussions to further increase trade cooperations between Beijing and Manila and Chinese-funded infrastructure projects are under way and moving forward.

Philippine goods up for trading include organic coconut products, coco fiber, aqua marines products, ethanol, dried sorghum, garments, textiles, fatty alcohol and fruit.


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