Senator: Philippines should learn from Chinese economy-A A +A
Wednesday, August 22, 2012
MANILA -- Only through the developing the countryside and opening it up to foreign investments can the Philippines achieve high growth rates as experienced by neighboring China, which transformed itself as the world's second biggest economy after two decades of economic upswing.
China is currently the biggest market of automobiles because of increasing purchasing power, according to Senator Edgardo Angara. He attributed this to the transformation of their countryside into highly productive areas which support millions of people.
Because of this, more than 300 million people moved out of poverty, he said.
China is now the Philippines' third largest partner in investments, development assistance and technical cooperation.
Total trade between the two countries reached a record high of $32.43 billion in 2011, surpassing the previous record of $30 billion in 2007.
Angara, vice-chair of the Senate finance committee, said the Philippine government should study China's policies which have contributed to its economy's resilience and growth during the current global financial crisis.
The Philippines and China are currently in a spat over oil and gas-rich Scarborough Shoal in the West Philippine Sea. (Virgil Lopez/Sunnex)