Philippines reaffirms China trade ties amid security concerns
Manila says its commercial relationship with China remains intact as diplomatic and maritime tensions continue alongside bilateral trade. The Palace adds that business and investment ties with Beijing will continue even as the government keeps sovereignty issues separate from economic cooperation.
Highlights
- Malacañang reaffirms that the Philippines and China maintain mutually dependent trade and investment relations and will not cut commercial ties.
- Palace Press Officer Clarissa A. Castro insists commercial cooperation with China will continue despite serious South China Sea sovereignty disputes.
- Concerns arise after President Marcos warns allegations of Chinese entities funding a Duterte-linked firm could constitute a top-level security threat if proven.
Palace outlines trade stance with Beijing
As reported by BusinessWorld Online, Malacañang says the Philippines and China maintain a mutually dependent relationship in trade and investment, and that Manila is not cutting ties with Beijing.At a news briefing on Tuesday, Palace Press Officer Clarissa A. Castro says both countries rely on each other commercially. She adds that the government remains committed to sustaining bilateral business and investment ties despite ongoing diplomatic and maritime discussions.
Castro says commercial cooperation should remain distinct from efforts to protect Philippine sovereignty amid territorial issues in the South China Sea.
Political dispute raises security questions
The Palace remarks follow concerns raised by Vice-President Sara Duterte-Carpio, who questions whether comments by President Ferdinand R. Marcos, Jr. suggest that doing business with China could be treated as a security risk.Duterte says on Monday that such a view would be concerning if it implies that people engaged in trade with China are also considered threats to the country. Over the weekend in Singapore, Marcos warns that allegations of Chinese entities funding a firm linked to Duterte would amount to a threat "at the highest level to the republic" if proven true.
In our earlier article on China’s renminbi and trade-balance debate ahead of talks with the EU, we looked at Beijing’s pushback against claims that it keeps the currency weak to boost exports. We noted the People’s Bank of China’s argument that export strength reflects competitiveness rather than deliberate devaluation, even as trading partners continue to raise concerns about persistent imbalances.
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