THE Board of Investments (BOI), the industry development and investments promotion arm of the Department of Trade and Industry (DTI) in the Philippines, and Bank of China (BOC) have
renewed their Memorandum of Understanding (MOU) to promote business cooperation and
foreign investments in the Philippines.
The MOU was signed during the three-day state visit of President Ferdinand Marcos Jr. to China, during which Manila and Beijing were expected to bolster trade and investment ties and address security issues of mutual concern.
With the MOU, BOI and Bank of China renew cooperation to promote bilateral trade and investments between the Philippines and China through the conduct of seminars and missions,
including business-matching activities between the two countries. Both parties will also
collaborate to foster economic and industrial linkages between investors and corporations in the
way of information monitoring and sharing of business and industry data.
Additionally, the BOI and Bank of China will also set up a special working team to undertake areas
of cooperation and other shared efforts to attract more investments into the Philippines.
“We welcome the continuation of this strategic partnership with Bank of China and we look forward to working with them to further enable trade and collaboration between our two nations,” said DTI Undersecretary and BOI Head Ceferino Rodolfo. “As we work to recover from the pandemic and position the Philippines as a regional hub for manufacturing and services industries, we need to strengthen our trade and investment relations with China—one of our top trade partners.”
Chen Huaiyu, Bank of China Executive Vice President, said: “At the initiative of the leaders of our two countries, substantial progress has been made in the economic and commercial cooperation between the Philippines and China in recent years. Today’s renewal of the MOU will take this partnership between the DTI and Bank of China to the next level, as per the common agenda agreed by our two national leaders during the visit. This time, Bank of China is prepared to work more closely with the DTI, especially inter-governmental projects in clean energy, education, and public health that will significantly promote the well-being of our two peoples.”
“It is our pleasure and honor to renew and continue this special working partnership with BOI,”
said Hu Xinquan, Country Head of Bank of China – Manila Branch. “The relationship between our two nations remains strong and we look forward to creating more opportunities to facilitate improved bilateral trade and investment as we work towards economic recovery from the
pandemic.”
(MAIN PHOTO: Ceferino Rodolfo, DTI Undersecretary and BOI head (standing left), and Chen Huaiyu, Bank of China Executive Vice President (standing right), witness Evariste Cagatan (seated left) and Hu Xinquan, Bank of China Manila Branch Country Head (seated right), sign the renewal of the MOU between Bank of China and the BOI).