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Aquino debunks claims that PHL has not been nice to the 'Big Brother'

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HONOLULU, Hawaii -- President Benigno S. Aquino III debunked claims that the Philippine government has "not been nice to the Big Brother,” referring to the People's Republic of China.

"If you look at tourism, we sent about 800,000 Filipinos out of our population of 95 million to China. China reciprocates by sending us 200,000," the Chief Executive said in response to reports enunciated by a Chinese national to the President that the Philippines was not very nice to the Big Brother during the Panel Discussion on Commodity Security for Economic Growth on Friday (Nov. 11, Honolulu time) at the Sheraton Waikiki here.

"So in terms of balance of trade and tourism we’ve sent a lot more than China sends to us. In terms of direct investments, we have 2.5 billion dollars in direct investment to China; we get 600 million so far from China. So I think we have invested more in China than China has invested in us, although China’s economy is way, way beyond ours,” the President said.

According to the President, it would be unfair to say that the Philippines has not been a good brother to the Big Brother adding that "I think we have demonstrated time and again."

The President noted that as a government, "we’re tasked not to look at the short term but rather the longer term and lay the groundwork for future interventions."

He said that while "we agree that China is a very dominant economic player in the world’s stage play but there’s a saying that says don’t put all of your eggs in one basket."

"China does have to fund its purchases also by its own trade with the rest of the world, and therefore anything that redounds to grow in the world’s economy should be something that the Philippines is... into doing and actually doing something about," he said.

The President also said that the government was focused on really maximizing the utility from various advantages, chief of which is human resource capital.

"We will invest further and further in improving this lot and we participate in global forums like APEC primarily because we do believe that the problems have a commonality, and a common solution is necessary if we are to effect long-term solutions to all of us," he said.

By PNA




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