After a five-year hiatus, the Joint Commission on Economic and Trade Cooperation (JCETC), China and Philippines's trade panel, reconvened on March 7 to foster the countries' economic and trade relations, news outfit Philstar reported.
The meeting served as the first official trip of Chinese Ministry of Commerce's top officer, Zhong Shan, to the Philippines.
During the 28th Philippines-China JCETC convention held in Manila, Zhong acknowledged that the two economies "are strongly complementary to each other," adding that they have "a very strong potential to be tapped to further promote trade growth."
According to the commerce chief, China's lucrative market, which boasts of 1.3 billion consumers, "is open to the products and services of the Philippines."
Besides trade-related endeavors, China also urges their homegrown companies to invest in and come to the Philippines.
The recently held JCETC meeting witnessed Zhong and Philippine counterpart Ramon Lopez agree on projects that will enhance trade and investment between the two nations. One of these undertakings is a six-year development program (2017 to 2022) for economic and trade cooperation.
The signing of the said program is slated later this March, "during the visit of a high-level delegation from China," Philstar wrote.
Zhong and Lopez also identified priority infrastructure initiatives that will be financed by a Chinese credit facility. China has listed three projects worth $3.4 billion, which include the North-South railway-South Line project, the Chico River Pump Irrigation project, and New Centennial Water Source-Kaliwa Dam project.
Nonetheless, China's Ministry of Commerce director general Wu Zhengping noted that "at this moment, [they] do not yet have the companies that will undertake these projects."
"Contracts have not been signed so we cannot say at this moment the specific terms and conditions of the loans," Wu further remarked, revealing that they are trying "to launch the first two projects (the Chico River Pump Irrigation and New Centennial Water Source-Kaliwa Dam projects) by the first semester of this year."
Meanwhile, the North-South railway-South Line project is scheduled to be launched by the end of 2017.
In the same occasion, Lopez reiterated that the ties between China and Philippines were not "completely severed." The JCETC's hiatus was mainly brought about by a territorial dispute in which the two countries were involved.
Banking on the current Philippine administration's aim to "rebalance engagements with Asian neighbors," Lopez enthused that the Philippines' Department of Trade and Industry has "worked closely with partner agencies and China's Ministry of Commerce to ensure concrete harvest of quick wins for both sides."
"The DTI foresees a more meaningful engagement with China as a good neighbor in the coming years as we work with renewed vigor toward a deepened and strengthened cooperation based on mutual values, goals and results.
"As we embark on renewed ties, it is imperative that we look back and recall that, in truth, the ties of friendship between us were never completely severed and continue to this day," he further shared.