In recent years, the Philippine economy has experienced rapid growth, maintaining a leading position in the Asia-Pacific region. In 2014, the Philippine economy grew by 6.1%, second only to China in terms of growth rate in Asia. The economic development of the Philippines will support the Philippine immigration program's flourishing, attracting many investors who are keen to explore overseas business markets.
On November 18, during the 2015 Asia-Pacific Economic Cooperation (APEC) Business Leaders Summit held in the Philippines, Xi Jinping delivered a keynote speech titled "Harnessing the Leadership of the Asia-Pacific to Address Global Economic Challenges," which was praised by Philippine Vice President Jejomar Binay.
"(Xi Jinping's) speech this morning was excellent," Binay said. He agreed with Xi's assessment of the global economic slowdown and also supported the President's view on the long-term positive development of the Chinese economy.
"There are always many problems, but there are always ways to solve them. I am very optimistic that China will restore its original GDP growth rate," Binay said.
Binay, who was elected Vice President of the Philippines in 2010, is one of the leading candidates in the upcoming presidential election next year. He praised Xi for emphasizing inclusive and harmonious development in his speech, stating, "If I remember correctly, Mr. Xi mentioned making economic development more inclusive, which is precisely the theme of this summit. A quality economy should benefit everyone."
Regarding the Asian Infrastructure Investment Bank (AIIB) advocated by China, Binay stated that the Philippines has already participated in its process, and it is undeniable that the AIIB will benefit the Philippines.
When discussing the initiatives and ideas proposed by Xi Jinping and other APEC economic leaders during this meeting, Binay expressed hope that many initiatives could be implemented to achieve truly inclusive growth, stating, "No one should be left behind."
In his keynote speech on the 18th, Xi Jinping called for accelerating the construction of the Asia-Pacific Free Trade Area. Binay agreed with this important proposition for trade liberalization while also pointing out the challenges faced in advancing the Asia-Pacific Free Trade Area. He cited the Association of Southeast Asian Nations (ASEAN) as an example, stating, "There are both developed and underdeveloped countries in ASEAN," and the wealth gap will become a constraining factor in the process of promoting trade liberalization.
"We look forward to increased Chinese investment in infrastructure development in the Philippines," Binay said. He personally advocates for the Philippine government to take measures to enhance openness to foreign investment, creating more profit opportunities for foreign capital. He suggested that Chinese enterprises increase their investment in sectors such as mining, infrastructure, fisheries, and agriculture.