From the late 1980s to the mid-1990s, Philippine investment in China was primarily realized through joint ventures, concentrated in sectors such as manufacturing, food and beverage, lighting, and other consumer goods. In recent years, the scale of investment from the Philippines has grown significantly, particularly in real estate, property development, services, and the banking sector.”
On the morning of the 22nd, Metropolitan Bank (China), the first foreign-invested legal entity bank in Jiangsu, officially opened its headquarters. Former President of the Republic of the Philippines, Fidel Ramos, delivered a speech at the opening ceremony, stating: “This is not only a milestone in the history of Metropolitan Bank, but also a milestone in China-Philippines relations.”
Since the restoration of diplomatic relations between China and the Philippines in 1974, and based on the adherence to the “One China” principle, relations between the two countries have developed significantly. As of June 2009, the total amount of Philippine investment in China had reached $2.6 billion.
Fidel Ramos said: “I still remember vividly the scene of President Jiang Zemin’s state visit to the Philippines in November 1996. The world was then marching toward the 21st century. During that visit, the two countries agreed to establish a closer cooperative relationship based on good-neighborly friendship and mutual trust. That meeting marked the beginning of a truly solid partnership between the two nations—a proven and enduring mutually beneficial partnership, working under the shared goals of long-term peace and robust development.”
He also emphasized: “Through our joint efforts, a bridge of opportunity has been built between the people of China and the Philippines, especially in the areas of trade and investment.”
