Press Release
August 20, 2012


The Philippines has much to learn from China's exponential growth over recent years, said Senator Edgardo J. Angara in his opening remarks at the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) Expo and Trade Fair last week.

"This exhibition is proof of the dynamic trade and business relations between the Philippines and China, starting as early as the 10th century. These ties have only gotten stronger since then," said Angara.

China is now the Philippines' third largest partner in investments, development assistance and technical cooperation. Total trade between the two countries reached a record high of $32.43 billion last year, surpassing the previous record of $30 billion in 2007.

According to Angara, vice-chair of the Senate Finance Committee, the Philippines should study China's policies which have contributed to its economy's resilience and growth during the current global financial crisis.

"We should look to China as our model and partner in energizing the countryside and empowering the rural areas. Developing the countryside and opening it up to foreign investments is an important step in boosting our national economy," he said.

China is now the biggest market of automobiles because of increasing purchasing power. Angara attributed this to the transformation of their countryside into highly productive areas which support millions of people. Because of this, more than 300 million people moved out of poverty.

"The rate by which China has reduced poverty and promoted development in many rural areas is simply phenomenal. The Philippines has many lessons to take away from your example," said Angara.

Now in its 8th year, the CCCME exhibit is the largest gathering of industrial manufacturers from China, bringing together suppliers of electronic gadgets and machinery and interested distributors from the Philippines.

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