WEDNESDAY |JANUARY 23, 2008| PHILIPPINES

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China trade seen as
antidote to US recession


BY REGINA BENGCO

THE Philippines will be relying more on trade with China to sustain its economic growth following the US economic slowdown caused by the sub-prime credit crisis.

Press Secretary Ignacio Bunye, in an interview at the send-off for President Arroyo yesterday, said the Philippines could likewise rely on "other close neighbors" like India which is experiencing robust growth.

He said while the US economic slowdown will still affect the Philippines in some way, "we have broadened our ties with other countries whereas before we were solely dependent on the West."

He said the so-called policy shift is part of the President’s "global engagement" strategy which seeks to tap opportunities in dealing with other countries, although "the US will remain a very close ally."

President Arroyo, in her departure statement for Switzerland, expressed concern over the effects of the continued rise of oil prices and the US economic slowdown.

"Global engagement and a robust foreign policy are central pillars for our plans for a safe and a strong Philippines," she said.

She said she will deliver the same message to the business leaders in the World Economic Forum in Davos, Switzerland.

Arroyo left at past noon. She is expected to arrive at the Zurich International Airport at 11 p.m. Tuesday (6 a.m. Wednesday, Manila time).

Arroyo said she will meet with political and business leaders who are helping in bringing peace to Mindanao, giving assistance to poor Filipinos, and helping the fight against terrorism.

After Switzerland, Arroyo said she will meet with top political and business leaders of the United Arab Emirates and seek more investments, particularly on energy. She said she will also check the working conditions of overseas Filipino workers.

Executive Secretary Eduardo Ermita said aside from seeking other sources of foreign investments, government is implementing infrastructure projects to pump-prime the economy.

 

 
 


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