ASEAN KEY DESTINATIONS
PHL needs to strengthen trade ties with China after 'One Belt, One Road'
The 'One Belt, One Road' initiative may be mutually beneficial for both China and the Philippines, but an analyst on Tuesday said the Duterte administration must ensure stronger trade relations between the two countries.
"Dapat 'yung Tsina mag-invest din dun sa productive capacity ng ibang bansa para makapag-export din sila sa Tsina. Sana ganon din 'yung mangyari sa atin," analyst Richard Javad Heydarian said in an interview on GMA News' "News to Go."
China must also invest in the Philippines, strengthen the infrastructure, so that later on they could buy more goods from the Philippines for a more balanced trade, he added.
During the Belt and Road Forum in Beijing, the Philippines secured more than P1 trillion in loans for the government's infrastructure spending program.
The initiative is a pet project of Chinese President Xi Jinping to connect Asian and European markets by pouring billions of dollars into ports, railways and power grid projects.
"'Yung China, desperado rin sila na mag-invest sa ibang bansa. Kasi sa Tsina, sumobra 'yung kanilang imprastruktura. So maraming kompanya doon, hindi na sila nakakahanap ng proyekto," Heydarian said.
"Sumobra na sila sa semento, sa steel, sa machinery so kailangan ng mga export markets para 'yung infrastructure companies nila pwede rin mag-invest doon," he added.
Heydarian noted, however, that while the Philippines is set to borrow funds from China for its infrastructure program, it must still stand firm and assert its authority.
"Porket nagpapautang ka sa 'kin, hindi pwede na lumalambot kami," Heydarian said.
The Philippines plans to spend as much as P8.2 trillion on the country's "golden age of infrastructure" over the next six years. Some P860.7 billion has been allocated to big-ticket projects this year.
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