As China sped up research and experimental use of the central bank's digital currency, digital…
China and the Philippines have strong relations thanks to digital industries.
According to the Chinese Embassy in Manila, China sees further potential to collaborate with the Philippines on establishing stronger digital economies.
At China (Fujian)-Philippines Economic and Trade Promotion Cooperation Conference on September 8 in Paranaque City, Bai Xun of the Embassy’s Economic and Commercial Office said, “We are full of confidence and expectations for the development of the digital economy in the Philippines, and we will encourage more Chinese internet companies to invest in the Philippines, and we hope to see Chinese and Philippine internet companies strengthen cooperation and healthy competition.”
As evidenced by Presidents Xi Jinping and Ferdinand Marcos Jr.’s ongoing “close communication,” according to Bai, China-Philippines relations are entering a “new era.”
In order to establish the framework for the coordinated development of the bilateral digital economy, he continued, “the desire of the two sides to collaborate in the field of the digital economy has been continuously reinforced, and the scope of collaboration has been continuously expanded.”
According to Embassy First Secretary Zhu Min, the two nations could continue to collaborate on 5G expansion and massive data centers to increase the Philippines’ processing and storage capacity.
Both might change agriculture and increase farmers’ access to markets by utilizing technologies and digitization.
The digital economy could act as a significant link between the Chinese Belt and Road Initiative and the Philippines’ Build Better and More initiative, according to Zhu, who said that there is a lot of opportunity for development between China and the Philippines to enhance the digital economy collaboration.
It might work as a spark for the bilateral, practical collaboration (between the two countries) in the four main sectors of agriculture, infrastructure, power, and people-to-people relations, the official continued.
The Department of Trade and Industry (DTI) urged China to invest and step up its cooperation with Manila during the same forum, particularly in the area of e-commerce.
DTI Secretary Alfredo Pascual states, “The Philippines has adopted game-changing policy reforms in the last five years. We have also changed pertinent legislation, removing limits on foreign investments and ownerships, especially for enterprises involved in innovative technology.”
He continued with these changes, “I hope you will be encouraged to invest in our nation; interact more with us in e-commerce, among other sectors; and make investments happen in the Philippines.
Glenn Pearanda, assistant secretary of the DTI, stated that the Philippines would work to become a “digital nation,” and he invited China to collaborate with the Philippines and share best practices as it duplicates its triumphs.
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