DAVAO CITY, Philippines—The Year of the Tiger will spell brisk economy for Mindanao as China emerges from crisis, a business executive said.
Vicente Lao, chair of the Mindanao Business Council (MinBC), said Mindanao’s agriculture products and construction materials will find their way to the China market this year.
“China is out of crisis and by 2010, it might hit a double digit economic growth,” he said.
Lao said China’s booming economy is uplifting the standard of living of Chinese nationals, “giving them the luxury to import, particularly agriculture products from Mindanao.”
“With the growth of China, we can supply our raw materials to them particularly agriculture products,” Lao said.
He said while the housing industry in the United States is heading toward a downturn, which is hurting Mindanao’s construction materials revenue, China’s housing industry is moving forward.
“This paves the way for Mindanao to take advantage by selling its construction materials to China,” Lao said.
He said Mindanao’s food, services, mining and the information technology sector could also cash in on China’s emergence from economic crisis.
Lao also said election spending could also further prop up Mindanao’s economy and the country’s finances in general.
“With the elections, the economic recovery in China and other countries, I am confident the country’s economy will be good in 2010,” he said.
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