Participating in the Belt and Road Initiative is in itself a huge advantage. It is so for all participants, especially the Philippines, stated Philippine officials during their recent visit to Shanghai.
An economic official delegation of the Rodrigo Duterte administration, led by Carlos Dominguez, the financial minister of the Philippines, paid a visit to Shanghai in an attempt to attract Chinese investors to take part in infrastructure construction projects as well as to tap into business opportunities in the other fields of the country.
Dominguez estimates that the Philippines requires about US$20 billion a year to fund its infrastructure construction demand if it wants to catch up with Thailand and Singapore. Its undeveloped infrastructure facilities maintain high transport costs in addition to subsequently raising the price of raw materials.
Vivencio Dizon,president and CEO at Bases Conversion Development Authority and a member of the delegation, commented that the Philippines is an investment-friendly country. To make the country more attractive for foreign investment, we are streamlining the administrative agencies, allowing, step by step, foreign investors to hold more shares in some infrastructure construction projects, and we are promoting the public-private-partnership model.
Mark Villar, secretary for Public Works and Highways and a member of the delegation, said that the Belt and Road Initiative can form a close link among the Asian countries, and make thorough use of each other's strengths. Our infrastructure construction projects can then be completed faster and in a more efficient way.