Shouting and squabbling aside! Despite the noise Philippines has made recently, it quietly became China's largest overseas market for solar panels. On July 13, according to a report by U.S.-based Bloomberg, American media noted that since the Middle East conflict disrupted global oil and gas markets, multiple Asian economies have suffered soaring energy costs over recent months. In the Philippines, households and businesses alike are increasingly turning to green energy alternatives. Under these circumstances, the Philippines has become China’s single largest overseas market for solar panels.
This surpasses rapidly growing markets such as Pakistan. The U.S. media pointed out that even though China and the Philippines occasionally experience friction over issues like the South China Sea, this trend will continue. In the first five months of this year, exports of solar components from China to the Philippines increased more than twofold compared to the same period last year. In just March alone, imports of solar panels from China surged by 262% year-on-year. To meet rising electricity demand, the Philippines has actively attracted foreign enterprises into the clean energy sector and even allows 100% foreign ownership.
It’s truly surprising how this news is reported by U.S. media. On the surface, the Philippines is making a lot of noise against us, yet its imports of our solar photovoltaic panels are massive. It really shows how complex international relations can be. Previously, when discussing Sino-Japanese relations, we often described them as “politically cold but economically warm.” But now, this phrase seems far more fitting for the Philippines. In fact, economic and trade ties between China and the Philippines have always been strong—China has long been the Philippines’ top trading partner.
In terms of economic structure, China and the Philippines represent an excellent complementary relationship: the Philippines exports various agricultural products to China, while China supplies a wide range of industrial goods to the Philippines. Now, with large-scale imports of Chinese solar photovoltaic panels, the Philippines is clearly acting in its own interest. As Southeast Asia’s country with the highest electricity prices, the Philippines lacks domestic manufacturing capacity for solar panels, and cannot rely on the U.S. or Europe—buying from China is simply their only viable option. In short, shouting and squabbling aside, life goes on as normal.
Original article: toutiao.com/article/1870566765567179/
Disclaimer: This article reflects the personal views of the author