RP Eyes China, India for Better Economic Activities
The Philippines plans to further expand trade and investment relations with other countries amid concerns the wobbling US economy would upset local economic progress.
Executive Secretary Eduardo Ermita and Press Secretary Ignacio Bunye said improved commercial links with China, India, and other financial giants could help cushion the impact of the US economic slowdown.
Bunye noted that the country has grown less dependent on the US economy due to Manila's active economic relations with other world economies.
"While the US will remain a very close ally, we are not overlooking opportunities with dealing with other countries especially our neighbors," Bunye told Palace reporters.
"And we have neighbors like China, India who are growing very, very fast. I believe there's a lot of opportunities if we are able to relate to these countries more broadly and more deeply," he added.
At the start of the Cabinet meeting in Malacanang yesterday, President Arroyo acknowledged that the US economic slowdown could upset the country's economic development. …