PHILIPPINES, China sign cooperation pact

PH, China sign cooperation pact

Despite an ongoing territorial dispute, the Philippines and China have signed an agreement to jointly create a transparent, liberal and facilitative investment regime and to deepen bilateral economic development between the two countries.

The memorandum of understanding was signed by Arnel Paciano D. Casanova, chair of the Philippine Investment Promotions Plan Steering Committee (PIPP-SC), and Xu Ning Ning, executive secretary general of the China-Asean Business Council (CABC), at the recent 10th China-Asean Expo in Nanning, China.

“The signing of the MOU is based on the principle of equality, mutual benefit and win-win cooperation for both countries,” said Casanova, who also heads the state-run Bases Conversion and Development Authority (BCDA).

Casanova noted that the memorandum reaffirmed the existing strong investment promotion cooperation between the Philippines and China. Both parties, he added, have agreed to position the Philippines in global supply chains by engaging CABC member associations in the areas of manufacturing, agro-industrial business and tourism infrastructure development.

sOURCE: http://business.inquirer.net/144529/ph-china-sign-cooperation-pact