STATEMENT OF THE PHILIPPINE ECONOMIC TEAM ON REGIONAL ECONOMIC RE-BALANCING FOR CLOSER INTEGRATION IN ASIA
China Trade and Investment Forum, Great Hall of the People
Beijing, China
20 October 2016

President Rodrigo Roa Duterte and his Cabinet will move strongly and swiftly towards regional economic re-balancing for closer integration in Asia. This is why the President prioritized foreign trips to the ASEAN and Asia. As a result, the Philippines has now opened more widely its opportunities for trade and investment to a market of 1.8 billion people across the region. ASEAN economies have expressed interest in such integration. China has committed to open its trade and capital markets.

We will maintain relations with the West, but we desire stronger integration with our neighbors. We share the oriental culture conducive to better understanding with our regional partners. This regional integration is similar to what has been done in the North American Free Trade Agreement (NAFTA) in North America, European Union, and MERCOSUR in South America. The Philippines is therefore integrating with the ASEAN, China, Japan, and South Korea.

In a way, Asian economic integration is long overdue compared with the regional integrations elsewhere.

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