Chinese businessmen proposed the development of a business district around the Manila Bay similar to the Guangdong-Hong Kong-Macau Greater Bay Area (GBA).
The proposal aims to deepen economic ties and open up opportunities for the Philippines in innovation, high-technology, new energy and sustainability.
Chinese General Chamber of Commerce-Hong Kong chairman Jonathan Choi Koon-shum suggested creating a “Greater Bay Area of Cavite, Bataan and Zambales” with Manila Bay at the center.
“We welcome the Philippines to join the GBA in a parallel capacity. We hope that the Philippines will also create a similar GBA that will include growth areas in Manila, Cavite, Bataan and Zambales with Manila Bay as its anchor,” he said during the Manila Forum for Philippines-China Relation at the Conrad Hotel Wednesday.
The forum with the theme “Exploring the Opportunities with Guangdong-Hong Kong- Macau Greater Bay Area” aims to foster closer trade and investment collaboration.
Koon-shum said this presents “an exciting opportunity for the Philippines to leverage the GBA’s success and create a dynamic economic zone that fosters innovation, trade, and investment.”
“We can expand our trade relations [with China] through the Greater Bay Area in the field of electronics and textiles. The region’s demand for high-quality goods aligns perfectly with the Philippines’ export strength,” said Association for Philippines-China Understanding chairman Raul Lambino.
Lambino highlighted the potential benefits the Philippines stands to gain from increased trade with China.
The GBA could potentially bring millions of Chinese tourists to the Philippines, creating significant job opportunities.
Data from the Department of Tourism showed that China was the top source of international travelers before the pandemic. More than 1.7 million Chinese tourists visited the Philippines in 2019, but this went down during the pandemic.
Some 263,836 Chinese tourists visited the Philippines in 2023.
“The potential for increased tourism from China is immense. Millions of Chinese tourists could visit the Philippines, creating jobs and boosting our economy,” Lambino said.
Lambino said the planned Bataan, Cavite and Manila Bridge, similar to the Hong Kong-Zhuhai-Macau Bridge would further enhance connectivity and economic activity.
China is a top trading partner of the Philippines, being the second-largest export market and top import source in 2023. The value of bilateral trade exceeded $40 billion in 2023. China is also a major source of foreign direct investments (FDI) in the Philippines.
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