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Aquino: Philippines has been a good brother to China

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Aquino: Philippines has been a good brother to China

Posted on November 12, 2011 11:46:28 PM | BREAKING NEWS

PRESIDENT Benigno S.C. Aquino III, at the ongoing Asia Pacific Economic Cooperation (APEC)

Summit in Honolulu, Hawaii (Nov. 8-13), has denied that the Philippines has “not been a good brother to big brother China,” asserting that the reverse is a truer statement. Mr. Aquino made his assessment yesterday in a panel discussion with several businessmen, titled “Commodity Security for Economic Growth.”
“It would be unfair to say that the Philippines has not been a good brother to the big brother. I think we have demonstrated time and enough,” said Mr. Aquino, based on a transcript provided by Malacañang.

Mr. Aquino went on to say that in terms of tourism, the Philippines has sent “800,000 Filipinos out of our population of 95 million” to China.

“China reciprocates by sending us 200,000. So in terms of balance of trade and tourism we’ve sent a lot more than China sends to us,” pointed out Mr. Aquino.

Meanwhile, direct investments from the Philippines to China amount to $2.5 billion; in contrast, China has reciprocated with $600 million.

“We have invested more in China than China’s invested in us although China’s economy is way, way beyond ours,” said Mr. Aquino.

While Mr. Aquino acknowledged China's significant influence in the global economy, he emphasized that there is a bigger picture to which the relationship is hinged.

“We agree that China is a very dominant economic player in the world’s stage play but there’s a saying... don’t put all of your eggs in one basket,” said Mr. Aquino.

“China does have to fund its purchases also by its own trade with the rest of the world and therefore anything that redounds to growth in the world’s economy should be something that the Philippines [is] into doing and actually doing something about,” added Mr. Aquino.

But Mr. Aquino also said that the government is looking at the longer term in “laying the groundwork for future interventions.”

“We participate in [a] global forum like APEC primarily because we do believe that the problems have a commonality and a common solution is necessary if we are to affect long-term solutions to all of us,” said Mr. Aquino.

He concluded that the Philippines is “striving to become a country that is extremely business-friendly” and that will maximize its inherent potentials, most particularly investing in human resource capital. -- Johanna Paola D. Poblete
 
PRESIDENT Benigno S.C. Aquino III, at the ongoing Asia Pacific Economic Cooperation (APEC) Summit in Honolulu, Hawaii (Nov. 8-13), has denied that the Philippines has “not been a good brother to big brother China,” asserting that the reverse is a truer statement. Mr. Aquino made his assessment yesterday in a panel discussion with several businessmen, titled “Commodity Security for Economic Growth.”

“It would be unfair to say that the Philippines has not been a good brother to the big brother. I think we have demonstrated time and enough,” said Mr. Aquino, based on a transcript provided by Malacañang.

china is also a big brother to vietnam. hopefully the brothers will settle their differences soon and create a new and prosperous asia together.
 

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