Philippines, China sign deal to expand petrochemicals exports
The Philippines, the world’s top exporter of petrochemisticals, has signed an agreement with China to expand its petro chemicals exports.
The pact comes after the Philippines signed a similar deal with Russia last year.
The Philippines is the world leader in petro chemical exports, which include biofuels, fertilizers, chemicals and plastics.
The pact with China will help the Philippines meet the growing demand for petro fuels and help diversify its economy.
The Philippines, which has a growing economy, is one of the top petro exporters.
In 2017, the country imported 3.6 trillion pesos ($3.8 billion), the highest in the world.
In 2018, it imported 1.5 trillion peso ($1.1 billion), while the year before, imports were 1.2 trillion pesoms ($1 billion).
The deal comes in the midst of the ongoing global economic slowdown.
The economy has slowed due to an economic slowdown and political turmoil in the Philippines.
The government has also cut its exports of petroleum and other petroleum products to boost its exports to China and other developing countries.