Philippine economy official says not wise to cut business ties with China

A Philippine cabinet economy official stressed Wednesday the importance of protecting the economy, saying it is not wise to cut trade ties with China and all other nations.
 

"The economy must, by all costs, be protected," said National Economic and Development Authority Secretary Arsenio Balisacan, rejecting calls by some hardline politicians to cut business ties with China.
 

"Our economy is part of the global value chain. We are linked to China directly or indirectly, and that should not be the approach we take in dealing with our neighbor," the cabinet official on economy told a news conference at the presidential palace.
 

"We don't want to cut," Balisacan said, adding that business boycott doesn't work in the history of the world. "That has been proven many times in the history."
 

China has been for years the Philippines' largest trading partner and a major source of foreign investments. Earlier this year, China added fresh durian to the list of Philippines fruits entering the Chinese market, which includes coconut, avocados and frozen fruits.

Previous: Vietnam considers levying emissions fees on polluting industries
Next: Malaysia digitizes certificates to facilitate investment