The Philippines and Hong Kong reinforced collaboration in a wide range of economic areas, most notably in trade and investments, during a webinar jointly organized by the Philippine Trade and Investment Center in Hong Kong (PTIC-HK), Department of Trade and Industry (DTI), Board of Investments (BOI), and the Commerce and Economic Development Bureau (CEDB) of Hong Kong entitled “Reconnect and Reinforce: Hong Kong – Philippines Partnership.”
More than 601 individuals from the private and public sector registered to attend the event which discussed opportunities under the “new normal” in the Philippines and Hong Kong.
During the opening remarks, Mr. Edward Yau emphasized that Hong Kong and the Philippines have enjoyed a very strong and long standing economic and trade relations. He also urged the two economies to seek to build closer economic partnerships to fight the virus and relaunch their respective economies.
DTI Secretary Ramon M. Lopez shared that Hong Kong is the Philippines’ 4th largest trading partner, 4th biggest export market, 11th import supplier, and 16th investment source in 2020. He stressed that the Philippines is an ideal complement to Hong Kong businesses that plan to expand research and development, manufacturing, IT and business process management activities. He emphasized that Hong Kong is a great platform for Filipino companies and Filipinos in the service sector to connect with companies around the world.
The webinar featured a panel discussion session with the theme “Emerging Stronger with Closer Collaboration and Partnership” moderated by Mr. Steven Philips, Director-General of InvestHK. The panelists included Dr. Ceferino S. Rodolfo, Undersecretary of the DTI and Managing Head of the BOI; Ms. Precious Valerie Silva, Co-Founder & Chief Strategy Officer of PearlPay Inc; Mr. Jesus B. Varela, Director General of the International Chamber of Commerce of the Philippines; Dr. Danilo Lachica, President of the Semiconductors and Electronics Industries in the Philippine Foundation Inc.; Atty. Ricky Salvador, Executive Director for External Affairs and Investors Relations of the IT Business Process Association of the Philippines; and, Mr. Steve Chuang, Deputy Chairman of the Federation of Hong Kong Industries.
The panelists shared their experiences in combating COVID-19 and upcoming business opportunities under the “new normal”; reinforcing partnership in trade and investment; Hong Kong as a major platform of capital raising and financing for projects and investments in the Philippines and beyond; and, Philippines as a strategic manufacturing base, R&D and support services hub in the ASEAN region, and also offering vast opportunities in various infrastructure projects.
“The Make it Happen attitude of the citizens of the Philippines and the resilient nature of the citizens in Hong Kong does not only display the similarities between our citizens it also illustrates how we can complement each other. The continuous cooperation and support between the Philippines and Hong Kong will ensure a robust economic growth in a post-pandemic future for both,” Secretary Lopez said during the closing remarks.
“This regular engagements between the Philippines and Hong Kong are very important to update our respective stakeholders about the various opportunities that they may partake of. In addition, the Philippine side will be very happy to go to Hong Kong to hold the inaugural Joint Economic Commission to discuss possible cooperation initiatives as soon as border restrictions are lifted,” Sec. Lopez concluded.
For more information, please visit PTIC-HK’s microsite or send an email to Hongkong@dti.gov.ph.♦
Date of Release: 30 June 2021