Chinese business groups from Guanxi is said to invest in Philippines with a whapping $500 Million. When I saw this news from it attracted my attention to read this.Vice-President Noli De Castro said that six business corporations from Guangxi entered into a contract with RP firms for ore marketing, grain and oil processing, dock construction, knitting craft cooperation and trade, EXP trade contract and chromite development engineering.

De Castro also said “the Philippines and Guangxi are truly determined to promote economic cooperation and development for the benefit of both countries.”
“Trade and economic cooperation has emerged as the driving force of Philippine-China relations,” he said.

Citing data from the National Statistics Office, De Castro said bilateral trade between the two countries has been growing at an average annual rate of 41 percent since 2001.

“The approved Chinese investments in the country amounted to $381.5 million in 2006, accounting for 14.4 percent of the total investments in the country on the same period based on the records of the Philippine Board of Investments,” he added.

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