Business group downplays debt trap fears as PH gears up to host Boao Forum

ABS-CBN News

Posted at Apr 21 2019 03:33 PM

MANILA - Around 170 business organizations are set to take part in the Boao Forum for Asia which will be held in Manila on Monday and Tuesday, one of the groups heading the initiative said.

The Federation of Filipino-Chinese Chambers of Commerce and Industry (FFCCCI) noted Sunday that this is the first time that the Boao Forum, dubbed as the Davos of Asia, will be held in the Philippines.

The Forum gathers businessmen, leaders, and thinkers from all over Asia to discuss issues and opportunities in the region.

FFCCCI president Henry Lim Bon Liong downplayed concerns that the Philippines may fall into a debt trap as it tries to secure more loans from China.

Liong said he is optimistic that the Chinese loans, which are meant to finance infrastructure projects, will lead to faster economic growth.

He added that the Philippines could also profit from a US-China trade war.

"Instead of China buying from America, America buying from China, a lot of companies will be transferred here and we should really take advantage of the situation. And our members are really looking forward to these opportunities," he said.