By Victoria “NIKE” De Dios
In the country’s desire to promote the Philippines and get more investment, the Philippines joined in the 5th Belt and Road Summit (BRS) at Hong Kong last November 30 to December 2, 2020 used for the first (1st) time the “Make It Happen in the Philippines” Foreign Investment Promotion Campaign. The Philippines intended to attract Hong Kong companies and other foreign investors to look into the Philippines as a complementary investment destination for foreign investors interested to take part in the Belt and Road Initiative. The participation of the Philippines in the BRS was both in the sessions and the virtual exhibition.
Philippine Participation in the Virtual Exhibition
The virtual exhibit of the Philippines used for the first (1st) time the foreign investment promotion campaign “Make it Happen in the Philippines” since it was officially launched on 24 November 2020 in Makati, Philippines. The Board of Investments (BOI) of the Philippines showcased the sixty-three (63) projects located in all the Investment Promotions Agencies (IPAs) in the Philippines. Virtual meetings with the different IPAs were set up with possible foreign investors and a mechanism to virtually chat with investment specialists in the Philippines from 8 o’clock in the morning up to 7 o’clock in the evening, on 3 November 2020 – 2 December 2020 was utilized.
Philippine Speakers
The Undersecretary of the Industry Development and Trade Policy and Managing Head of the Board of Investments, Dr. Ceferino S. Rodolfo (Usec. Rodolfo) was part of the panel discussion on 30 November 2020 at 10:00 o’clock in the morning with the topic Creating a Healthy, Sustainable and Inclusive Future. “We view our participation in the Belt & Road Initiative as something that promotes inclusiveness. The physical connections brought about by the BRI does not construct a wall that divides those who are part of the initiative and those who are not. Rather, these should be bridges that make it easier to connect those who are part of the BRI and those who are not,” said Usec. Rodolfo.
On December 01, 2020, Executive Director Bobby B. Fondevilla (ED Bobby) of the Board of Investments – Investment Promotions Services was part of the panel discussion where he highlighted the manufacturing opportunities in the Philippines. “Despite the challenges brought about by the pandemic, the Philippines still remains a conducive place to do business and is considered one of the top emerging economies and countries for investments as cited by reputed business magazines such as The Economist and CEOWorld, while both the World Bank and International Monetary Fund also predict a V-shaped economic recovery for the country, with forecasts of 6.2% to 6.8% respectively by 2021,” said ED Bobby.
Secretary Ramon Lopez met with Secretary Edward Yau
After the opening session of the BRS, the Secretary of the Department of Trade and Industry (DTI) Ramon Lopez; the Undersecretary Rodolfo; and, the Vice Consul (Commercial) and Commercial Attaché in Hong Kong SAR Roberto B. Mabalot, Jr. met with the Secretary for Commerce and Economic Development of Hong Kong Edward Yau to express the Philippines’ compliments for the success of the 5th Belt and Road Summit organized by the Government of the Hong Kong Special Administrative Region and the Hong Kong Trade Development Council.
Secretary Edward Yau congratulated Secretary Ramon Lopez and the Philippines for the signing of the Regional Comprehensive Economic Partnership (RCEP). On the other hand, Secretary Ramon Lopez reiterated the support of the Philippines to the accession of the Hong Kong SAR to the RCEP after the date of entry into force of the Agreement. Both sides acknowledged the importance of the strengthening of ties between the Philippines and Hong Kong SAR.
In the BRS, the Hong Kong SAR companies and foreign companies were informed how the Philippines can ably support their business expansion plans, and provide them with a deeper insight on how to “Make it Happen in the Philippines.”
The Philippine participation in BRS is organized in partnership with the Foreign Trade Services Corps (FTSC) through the Philippine Trade & Investment Center in Hong Kong (PTIC – HK), the Board of Investments (BOI), Bureau of International Trade Relations and the Philippine Consulate General in Hong Kong. For more information, please visit the PTIC – HK microsite at https://www.dti.gov.ph/overseas/hongkong/ or send an e-mail to HongKong@dti.gov.ph.