According to an agreement reached by the Philippine Investment Department and the Chinese Ministry of Commerce during the Philippines' President Benigno Aquino III's state visit to China last year, China's Ministry of Commerce plans to send an official to the Philippine Investment Agency to serve as Investment Commissioner, Philippine Ministry of Foreign Affairs reported on March 27.
The Philippine Ministry of Foreign Affairs also stressed that the Philippines would be the world's first country to boast a permanent Chinese investment commissioner.
An official from the Economic and Commercial Office of the Chinese Embassy to the Philippines disclosed that the investment commissioner came from the Investment Promotion Agency at China's Ministry of Commerce, and would take the post in April this year.
Investment Agency of the Philippines is subordinate to the Philippine Department of Trade and Industry, and is responsible for investment policy. In order to attract more Chinese enterprise, the Philippine Investment Agency set up a “China Desk” where the Chinese investment commissioner will work.
In recent years, Sino-Philippine mutual investment has enjoyed strong growth momentum, with the Philippine government aiming to attract more Chinese investment.