Philippines open for business with China, says finance minister
Opportunities for the two countries to cooperate on infrastructure, says Carlos Dominguez
The Philippines’ new government plans to court Chinese investment to fund an ambitious infrastructure programme, the latest sign of warming ties between the two nations that have been at loggerheads over territorial claims in the South China Sea.
“The last administration hardly spoke to them,” Finance Secretary Carlos Dominguez said in an interview in the World Bank’s headquarters in Washington on Friday. “Now we are going to talk to them.
“It’s time for us to lower the tensions,” he said. “You know the Chinese, they don’t like to lose face. Just as long as they don’t lose face it’s OK to continue arguing with them.”
Since sweeping to victory in May elections, Philippine President Rodrigo Duterte has raised eyebrows with repeated attacks on traditional ally the US and by calling for greater cooperation with China. Southeast Asian nations had in the past pushed for a united front against China, which prefers that disputes be settled through one-on-one talks.
That’s going to be a big source of funding for infrastructure spending
In July, an international tribunal ruled that China’s claims were unlawful in a case brought by the Philippines – a decision Beijing refused to recognise.