Philippines has evolved as a favourable destination for Chinese trade and investment during the current year.
A number of Chinese firms, particularly those belonging to Shanghai, are shifting their garment production base to Philippines.
Over the last few months, there has been a noteworthy rise in exports from Philippines to China and Chinese investment in the Philippines.
As per the data of the National Statistics Office (NSO), during the initial seven months of the current year, China was the third biggest trading partner of the Philippines, with cumulative growth rate of 31 percent.
Similarly, exports from Philippines to China also increased at a rate of 38.7 percent during July.
Shanghai Zephyr, the high-end garment producer from China has opted for Philippines for relocating its production base. The first phase of the project involving cut-and-sew operations is likely to generate 150 employment opportunities.
Moreover, the surge in the income of the middle class in eastern and southern provinces of China like Shanghai and Guangzhou has presented the country with several trade opportunities with China.
Fibre2fashion News Desk - India
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