The Philippines is counting on China -- one of the few countries doing well in the face of worldwide economic difficulties -- to help lead countries like the Philippines out of the global crisis.

At the joint celebration of the 111th Philippine Independence Day and 8th Filipino-Chinese Friendship Day in Manila, Philippine President Gloria Macapagal-Arroyo said the "centuries-old relationship" of China and the Philippines have now taken "greater significance, as China's breathtaking economic success earns the admiration and respect of the world community especially in the midst of the global slowdown."

"There are many countries that we are looking forward to leading us towards recovery. Among the many countries being mentioned as the ones that would lead us out of the global economic crisis, the one that is best truly fulfilling that promise is none other than the economy of the People's Republic of China," she said.

The President said that despite economic problems besetting other parts of the world, "China's manufacturing is stabilizing, housing and auto sales are growing, imports of iron ore and raw materials are turning around in that important economy."

The President noted that such developments are "especially important to the economy of the Philippines because China has been a very important buyer of our mineral industry."

She added that since China entered the World Trade Organization (WTO), it has become one of the Philippines' biggest trading partners, among its largest export markets, and an important source of official development assistance (ODA).

"We in the Philippines are privileged to benefit from China's participation in world trade... China's rise is to the benefit of the Philippines. And as China leads everybody out of the global economic crisis, the Philippines is one of those that benefits the most," she said.

President Arroyo added that "recession or no recession, as the world's biggest developing country, China is taking its place in the global stage to ensure that the interest of developing countries are protected and promoted."

The President also said that proof of the Philippines' commitment to further fortifying ties with China are the two newly- opened two consulates there -- one in the Macao Special Administrative Region and another in Chongqing -- in line with China's "Go West" policy.

"For a country of our size, the presence of as many as seven resident missions on Chinese territory showed our political commitment to bilateral relations with China. I don't know of any other country with as many consulates in China," she said.

In his speech, Liu Jianchao, Chinese Ambassador to the Philippines, said that China's "stronger" bilateral relations with the Philippines has been "enriched by inter-government agreements and dialogue."

"Today, we find our interests intertwined closer than ever before. In the face of this once-in-a-century financial crisis, we really find ourselves good neighbors and caring friends who help and support each other," he said.

"Divided we fail, and united we prevail," he added.

(Xinhua News Agency June 10, 2009)