“The department continues to follow up on deliverables stemming from discussions between the previous administration and China,” the DFA told“We are also working on renewed commitments and thrusts of the current administration in terms of its policy on China, with a keen focus on economic cooperation,” it said. “This is crucial as both economies emerge and recover from the coronavirus pandemic.”
The deal was meant to benefit different sectors, including agriculture, energy, tourism, food, manufacturing, telecommunications and infrastructure, former Trade Secretary Ramon M. Lopez had told reporters. These were supposed to create at least 2 million jobs.There is “nothing to get excited about,” Herman Joseph S. Kraft, who heads the University of the Philippines Political Science Department, said when asked about the chances of China following through with its promises.
The Philippines’ regional peers including Indonesia and Vietnam have an edge because “investments beget other investments,” UA&P economist George N. Manzano said in a Viber message. Jaime B. Naval, who teaches political science at the University of the Philippines, is more optimistic. Mr. Duterte had sought closer trade and investment ties with China since he came to power in 2016, including potential joint explorations for oil and gas in the South China Sea.