We have enjoyed great business relations with China, providing a conducive platform for more enhanced collaborations and partnerships in the future. In the last three years, China has been the Philippines’ valuable partner for bilateral investments, imports, and exports, all across priority sectors crucial for trade and development.
In 2018, China ranked first in foreign investments to the Philippines, amounting to US$975 Million, up by 2,072 percent from just US$ 47 Million in 2017. This growth was spearheaded by businesses and companies from sectors like IT & communications, manufacturing, real estate, and electricity.
In 2019, China continued to show strong interest and ranked as the second top source of investments, with US$ 1.7 Billion, translating to 32 percent of total foreign investments and 174 percent growth in 2018.
The biggest project was the development of the 3rd telecommunications provider, a joint venture with China Telecom. This investment is attracting related projects in telecom, infrastructure, and services. Other notable Chinese Investments in the Philippines are C&U Group Ltd., New Hope Liuhe, Azure Gaming (Hongkong) Ltd., Suzhou Boamax Technologies Group Co., Ltd., and JTK Technology (Suzhou) Co., Ltd.
China is the Philippines’ top trading partner, export market destination, and import source in 2019, a testament to our stronger bilateral trade relations.
The Philippines and China bilateral trade reached close to US$50 Billion in 2019, growing at an average of 17 percent in the last five years.
Exports to China grew from US$18.4 Billion in 2018 to US$ 19.5 Billion in 2019 while imports expanded by 16.02 percent in 2019.
Top export sectors are electronics, minerals, fresh food, electrical, chemicals, machinery, fashion accessories, transport and miscellaneous industrial products
Top export products to China are electronic parts and semiconductors, mineral ores and agricultural products such as bananas, pineapples and marine products.
In 2019, China approved the entry of Philippine fresh young coconuts and Hass avocado, adding to the Philippine fresh fruits basket for export to China.
*Figures include Hong Kong Special Administrative Region (SAR) and Macau SAR