On 22 May 2015, PhilFoodEx signed an MOU at the sidelines of the 11th International Food Exhibition (IFEX) in Manila, Philippines.
The MOU was signed in response to the rapidly growing trade, investment and business activities between the Philippines and China. It is believed that industry-to-industry cooperation is an effective mechanism to facilitate the liberalization and promotion of a transparent, liberal and facilitative trade and investment regime to deepen bilateral economic development between markets and economies.
Secretary General of Tianjin Food Industry Association Madame Yuan Zhang expressed that signing this MOU is an important development between the two industry associations as it will allow SMEs to gain access to the global food value chain. Philippine and Chinese food enterprises will have the opportunity to connect with large wholesalers and retailers as well as market agents as they play the lead-firm role in organizing and managing the chain.
More importantly, it will facilitate the deepening of Philippines-China bilateral trade and economic cooperation and scaling up bilateral trade and two-way investment, with a view of reaching an annual amount of US $60 billion bilateral trade (using figures from the General Administration of Customs of China) and at least US$ 1.5 billion cumulative two-way direct investment by the fifth year (2016), says PTIC Beijing Commercial Counsellor Christine Rodriguez dela Cruz.