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Hong Kong and Philippines Deepen Economic and Cultural Ties at Independence Day Celebration
Financial Secretary Paul Chan highlights trade growth, tourism milestones, and future cooperation
On June 12, 2025, Hong Kong's Financial Secretary Paul Chan addressed a reception commemorating the 127th anniversary of the Philippines' proclamation of independence, emphasizing the strengthening bilateral relations between Hong Kong and the Philippines.
Chan welcomed Consul General Romulo Victor Manzano Israel, who assumed his post in Hong Kong in April 2025, and acknowledged the contributions of over 220,000 Filipino nationals residing in the city.
In his speech, Chan noted significant growth in tourism, with Hong Kong receiving nearly 1.2 million visitors from the Philippines in 2024, marking a record high.
The first five months of 2025 saw over 550,000 Filipino visitors, a 27 percent increase compared to the same period in the previous year.
Trade relations also saw robust activity.
Hong Kong was the Philippines' fifth-largest trading partner in 2024, with merchandise trade valued at 108 billion Hong Kong dollars.
Hong Kong handled approximately 13 percent of the total merchandise trade between China and the Philippines.
Additionally, Hong Kong's exports to the Philippines amounted to 4.31 billion US dollars, while imports from the Philippines totaled 2.12 billion US dollars in 2024.
Chan announced the commencement of negotiations on a Comprehensive Avoidance of Double Taxation Agreement between Hong Kong and the Philippines, aimed at further stimulating bilateral trade and investment.
Highlighting the Philippines' economic growth, Chan referenced the country's pro-business reforms, including efforts to simplify company formation processes, lower entry barriers, and attract foreign businesses.
Infrastructure projects were also noted as factors enhancing the country's appeal to international investors.
Chan reiterated Hong Kong's role as a "super connector" under the "one country, two systems" framework, facilitating the movement of goods, capital, information, and talent.
He pointed out that Hong Kong's stock market had risen by 20 percent in 2025, following an 18 percent increase in 2024, positioning it as one of the top-performing markets globally.
He encouraged Filipino enterprises to consider Hong Kong as a platform for raising funds, citing options such as stock exchange listings, angel investors, venture capital, and private equity collaborations.
Chan also mentioned innovative financing models available in Hong Kong, including infrastructure loan securitization and catastrophe bonds, with the city having issued seven such bonds covering events across Asia and the Americas.
The reception underscored the deepening economic and cultural ties between Hong Kong and the Philippines, with both parties expressing commitment to continued collaboration and mutual growth.
Chan welcomed Consul General Romulo Victor Manzano Israel, who assumed his post in Hong Kong in April 2025, and acknowledged the contributions of over 220,000 Filipino nationals residing in the city.
In his speech, Chan noted significant growth in tourism, with Hong Kong receiving nearly 1.2 million visitors from the Philippines in 2024, marking a record high.
The first five months of 2025 saw over 550,000 Filipino visitors, a 27 percent increase compared to the same period in the previous year.
Trade relations also saw robust activity.
Hong Kong was the Philippines' fifth-largest trading partner in 2024, with merchandise trade valued at 108 billion Hong Kong dollars.
Hong Kong handled approximately 13 percent of the total merchandise trade between China and the Philippines.
Additionally, Hong Kong's exports to the Philippines amounted to 4.31 billion US dollars, while imports from the Philippines totaled 2.12 billion US dollars in 2024.
Chan announced the commencement of negotiations on a Comprehensive Avoidance of Double Taxation Agreement between Hong Kong and the Philippines, aimed at further stimulating bilateral trade and investment.
Highlighting the Philippines' economic growth, Chan referenced the country's pro-business reforms, including efforts to simplify company formation processes, lower entry barriers, and attract foreign businesses.
Infrastructure projects were also noted as factors enhancing the country's appeal to international investors.
Chan reiterated Hong Kong's role as a "super connector" under the "one country, two systems" framework, facilitating the movement of goods, capital, information, and talent.
He pointed out that Hong Kong's stock market had risen by 20 percent in 2025, following an 18 percent increase in 2024, positioning it as one of the top-performing markets globally.
He encouraged Filipino enterprises to consider Hong Kong as a platform for raising funds, citing options such as stock exchange listings, angel investors, venture capital, and private equity collaborations.
Chan also mentioned innovative financing models available in Hong Kong, including infrastructure loan securitization and catastrophe bonds, with the city having issued seven such bonds covering events across Asia and the Americas.
The reception underscored the deepening economic and cultural ties between Hong Kong and the Philippines, with both parties expressing commitment to continued collaboration and mutual growth.
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