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China-Philippine Investment
« on: May 02, 2010, 08:19:31 PM »
The National Economic and Development Authority (NEDA) has welcomed 12 officials from the National People’s Congress (NPC) of China, who were part of the mission to strengthen exchanges in financial and economic affairs between the Philippines and China.

NEDA and the Chinese officials discussed the Philippine economic development situation and prospective areas of investment and cooperation between both countries.

“We see the very strategic role that China has in the region, and we’d like to see that this be strengthened, particularly in Southeast Asia, together with the Philippines,” said NEDA Public Investment Staff director Jonathan L. Uy, who welcomed the Chinese officials led by Wang Shucheng, deputy head of the NPC’s Financial and Economic Affairs Committee.

Uy told the delegates that the Philippines had an increasing portfolio of official development assistance (ODA) since 2004, and a sustained cooperation with China would aid in the implementation of economic and development programs in the Philippines.

Marites B. Oliva of the NEDA National Planning and Policy Staff told the foreign officials that among the economic opportunities that could be developed through the Philippine-Chinese cooperation are in the areas of infrastructure, electronics and renewable energy.

Oliva said as a primary source of competitiveness, the government was committed to accelerating public investment in infrastructure through the Comprehensive and Integrated Infrastructure Program (CIIP).

“The total investment requirement of the updated CIIP amounts to P3.326 trillion. Available estimates indicate that the annual CIIP investment from 2009 to 2013 is at an average of 6.4 percent of GDP,” Oliva told the officials. - pna

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