The Philippines should convert into an opportunity the threat of China's rise to economic power in the Asian region.
According to the Manila-based University of Asia and the Pacific (UA&P) School of economics dean Bernardo Villegas, China's big population of 1.3 billion and the implementation of the Asian Free Trade Area (Afta) this year should make exporters rethink their export strategies.
"Everybody is going to China because of its huge market. Foreign direct investors are going to China. If Filipino exporters identify products, such as canned tuna, that would be able to penetrate the Chinese market, then we can join the bandwagon," he said in a recent economic briefing at the Cebu City Marriott Hotel.
According to Philippine National Economic and Development Authority, China has "reduced tariffs on some key Philippine exports like canned tuna, fruits, vegetable fats and electronic products.