According to the China Customs, the bilateral trade volume between China and the Philippines in 2005 reached US$17.56 billion, up by 31.7 percent year on year, among which China’s export to the Philippines was US$4.69 billion, up by 9.8 percent year on year, while China’s import from the Philippines amounted to US$12.87 billion, up by 42.1 percent year on year. China had a deficit of US$8.18 billion. China mainly exported electric products, electronic products, semi-conductor devices, electronic integrated circuits and microassemblies, product oil, cereals and cereal powders, coal, textile yarn and products thereof, etc. China’s main imports from the Philippines included electronic integrated circuits and microassemblies, semi-conductor devices, electrical and electronic products, inductors and parts, bananas, fresh and dried fruits, nuts, processed oil, etc.

 

According to the Ministry of Commerce of the People’s Republic of China (hereinafter referred to as MOFCOM), the turnover of completed engineering contracts by Chinese companies in the Philippines reached US$180 million in 2005, and the volume of the newly signed contracts was US$89.78 million. The volume of completed labor service cooperation contracts was US$960,000, and that of the newly signed labor service cooperation contracts was US$60,000. The turnover of completed design and consultancy by the Chinese companies reached US$3.37 million, and that of the newly signed design and consultant contracts was US$6.1 million. By the end of 2005, the accumulated turnover of completed engineering contracts by the Chinese companies had amounted to US$1.06 billion with the total contractual value of US$2.32 billion, the volume of the total completed labor service cooperation contracts reached US$27.92 million with the total contractual volume standing at US$52.04 million.

 

Approved by or registered with MOFCOM, China set up 2 non-financial Chinese-funded enterprises in the Philippines in 2005 with a total contractual investment of US$1.63 million. By the end of 2005, a total of 45 non-financial Chinese-funded enterprises had been established in the Philippines with the total contractual investment of US$18.58 million from the Chinese side.

 

According to MOFCOM, the Philippines invested in 190 projects in China in 2005, with a contractual investment of US$540 million and an actual utilization of US$190 million.