Philippines, Dongguan Chamber Ink Deal to Boost Investment Ties

In an indication of deeper economic ties between the two nations, the Philippine government has designated Dongguan, China's premier business chamber as its newest partner for investment promotion.

According to a statement from the Philippine Economic Zone Authority (PEZA), the China Chamber of International Commerce (CCOIC)-Dongguan, led by Zhao Wenfa, and its senior official, Director General Tereso Panga, have inked a memorandum of understanding.

Key Highlights:

•  PEZA partners with Dongguan chamber to boost investment cooperation.
•  China+1+1 strategy strengthens dual-base supply chains in Asia.
•  Chinese investors seen as key to future FDI growth.

The China+1+1 plan was mentioned as a significant possibility for the Philippines during PEZA's investment mission to China in March of last year, which led to the new cooperation.China+1+1, a growing trend where businesses continue to operate in China while branching out to other Asian regions, is viewed as an improvement on the China+1 strategy. According to PEZA, discussions of this approach set the stage for deeper cooperation with Chinese businesses seeking a robust, dual-base supply chain and production model in the area. Zhao of CCOIC has promised to use its commercial activities as a basis for the economic partnership, according to the investment promotion agency (IPA).

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Aside from his position at the business group, Zhao is also the chief executive officer (CEO) of Dongguan Aoxing Audio Visual Equipment Co. Ltd., a manufacturing firm that produces equipment for brands such as HP, Epson, and Skyworth.

“PEZA counts the Chinese investors, including those from Taiwan and Hong Kong, among our best bets for FDI attraction for this year and for succeeding years to come,” said Panga.