The Philippine Department of Foreign Affairs revealed on the 27th that the Chinese Ministry of Commerce will dispatch an official to serve as an investment commissioner at the Board of Investments of the Philippines to promote investment by Chinese enterprises in the country.
The Philippine Department of Foreign Affairs issued a press release that day stating that during President Aquino's state visit to China last year, an agreement signed between the Board of Investments of the Philippines and the Chinese Ministry of Commerce mentioned that the Chinese Ministry of Commerce would second an official to work at the Board of Investments of the Philippines to provide services to Chinese enterprises interested in investing in the Philippines.
The Philippine Department of Foreign Affairs also emphasized that the Philippines will be the first country in the world to have a resident Chinese investment commissioner.
An official from the Economic and Commercial Counselor's Office of the Chinese Embassy in the Philippines revealed in an interview with China News Service reporters that this investment commissioner is from the Investment Promotion Agency of the Ministry of Commerce of China and will officially begin working at the Board of Investments of the Philippines in April this year.
The Board of Investments of the Philippines is an agency under the Philippine Department of Trade and Industry responsible for the implementation and management of investment policies, including foreign investment policies. It is understood that in order to attract more Chinese enterprises to invest in the Philippines, the Board of Investments of the Philippines will establish a China Desk, where the Chinese investment commissioner will be stationed.
In recent years, mutual investment between China and the Philippines has grown rapidly, and the Philippine government has high hopes for attracting more Chinese investment. The joint statement issued by China and the Philippines during President Aquino's visit to China also expressed the intention to expand mutual investment, stating that "the Chinese side supports the Public-Private Partnership program proposed by the Philippine government and is willing to encourage qualified Chinese companies to participate in the bidding for projects under this framework."
