China-Philippines Economic Ties
Chinese President Xi Jinping met with Philippines President Ferdinand Romualdez Marcos Jr. in Beijing on January 4, 2023, marking the first foreign head of state hosted by China in 2023. This is President Marcos's first trip to China, since taking office last year, and his first official visit outside of the Association of Southeast Asian Nations (ASEAN).
During the visit, 14 bilateral agreements were signed, including deals on agriculture, infrastructure, development cooperation, maritime security, and tourism.
Since the establishment of official diplomatic relations in 1975, the two countries signed major bilateral agreements, including the Joint Trade Agreement, the Scientific and Technological Cooperation Agreement, the Postal Agreement, the Visiting Forces Agreement; Cultural Agreement, the Investment Promotion and Protection Agreement, the Agreement on Agricultural Cooperation, and the Tax Agreement.
According to the latest data released by the General Administration of Customs of China, the total volume of imports and exports between China and the Philippines from January to November 2022 reached USD 80 billion, of which USD 59 billion worth of goods were exported to the Philippines and USD 21 billion worth of goods were imported. China remains the Philippines' largest trading partner, largest source of imports and second-largest export market. In November 2022, the Philippines registered a record USD 660 million in sales at the Fifth China International Import Expo (CIIE), up by 9.7% yearly, achieving its fifth consecutive year of growth.
List of Signed Cooperation Documents on January 4, 2023:
Memorandum of Understanding between the Government of the People's Republic of China and the Government of the Republic of the Philippines on Cooperation on the Belt and Road Initiative
Arrangement on the Establishment of A Communication Mechanism on Maritime Issues between the Ministry of Foreign Affairs of the People's Republic of China and the Department of Foreign Affairs of the Republic of the Philippines
Memorandum of Understanding between the Ministry of Industry and Information Technology of the People's Republic of China and the Department of Information and Communications Technology of the Republic of the Philippines on Digital and Information and Communications Technology Cooperation
Joint Action Plan on Agricultural and Fisheries Cooperation between the Ministry of Agriculture and Rural Affairs of the People's Republic of China and the Department of Agriculture of the Republic of the Philippines (2023 -2025)
Memorandum of Understanding between the Ministry of Commerce of the People's Republic of China and the Department of Trade and Industry of the Republic of the Philippines on Electronic Commerce Cooperation
The Handover Certificate of Sino-Philippine Center for Agricultural Technology-Technical Cooperation Program Phase Ⅲ（Philscat-TCPⅢ） between the Government of the People's Republic of China and the Government of the Republic of the Philippines
Handover Certificate Two China-Aid Bridges Project In Manila, Philippines (Binondo-Intramuros Bridge and Estrella-Pantaleon Bridge) between the Government of the People's Republic of China and the Government of the Republic of the Philippines
Implementation Program of the Memorandum of Understanding on Tourism Cooperation between the Ministry of Culture and Tourism of the People's Republic of China and the Department of Tourism of the Republic of the Philippines (2023-2028)
Protocol of Phytosanitary Requirements for Export of Fresh Durians From the Philippines to China between the General Administration of Customs of the People's Republic of China and the Department of Agriculture of the Republic of the Philippines
Mutual Recognition Arrangement between the General Administration of Customs of the People's Republic of China and the Bureau of Customs of the Republic of the Philippines on Authorized Economic Operator Program
Agreement on Economic and Technical Cooperation between the Government of the People's Republic of China and the Government of the Republic of the Philippines
Memorandum of Understanding between China International Development Cooperation Agency of the Government of the People's Republic of China and the National Economic and Development Authority of the Government of the Republic of the Philippines on Development Cooperation Plan (2023-2025)
Framework Agreement between the Government of the People's Republic of China and the Government of the Republic of the Philippines on the Provision of Concessional Loan by China to the Philippines
Four (4) Loan Agreements for the Mixed-Credit (US Dollar and Renminbi) Financing on Three Priority Bridges Crossing Pasig-Marikina River and Manggahan Floodway Bridges Construction Project