Hong Kong reaffirms ties with Phl

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The Hong Kong Economic and Trade Office (HKETO) reaffirmed its harmonious ties with the Philippines and its role as a “super connector and super value-adder” in bringing the rest of the Association of Southeast Asian Nations (ASEAN) closer to Mainland China during the recent Chinese New Year celebration hosted by HKETO and co-hosted by the Hong Kong Trade Development Council at the Grand Hyatt Manila on Feb. 27.

The event was attended by Chinese Ambassador Jing Quan, Taguig Mayor Lani Cayetano, Federation of Filipino-Chinese Chambers of Commerce and Industry  Inc. president Victor Lim, representatives of the Philippine Chamber of Commerce and Industry, among so many other guests.

Elsa Hung, director of the HKETO Singapore, took over the hosting duties for this year’s traditional CNY dinner, which in the past was assigned to Libera Cheng of HKETO Jakarta.

In her welcome remarks, Ms. Hung explained that HKETO Singapore’s coverage was expanded to include the Philippines following the updating of ETO’s country portfolio with the recent establishment of the new Kuala Lumpur HKETO, the fourth representative office of the Hong Kong government in Southeast Asia.

She credited Ms. Cheng and her HKETO office in Jakarta “for laying a very good foundation of connection, network and engagement in the Philippines over the past few years.”

Hong Kong, Ms. Hung said, would  continue to leverage its “unique advantage of being the only city in a globe, connecting both Chinese Mainland and the rest of the world, under one country, two systems framework and serving the role of super-connector and super-value-adder to actively explore new growth areas and promote high quality economic development.”

Hong Kong’s “Go Global” strategy, she said, “will be underpinned by a one-stop economic and trade express platform through the collective efforts of all Hong Kong ETOs, Invest Hong Kong and the Hong Kong Trade Development Council. Our Hong Kong ETO will continue to align with Hong Kong’s strategic direction by supporting initiatives that bring the communities of Hong Kong and the Philippines closer and deepen collaborative partnerships.”

“The Philippines,” she pointed out, “is an important economy in the region with significant growth potential given its young population and strong demand for infrastructure and consumption.”

In 2025, she said, “Hong Kong was the Philippines fourth largest trade partner, with bilateral merchandise trade, reaching $15.7 billion.

Given Hong Kong’s well established shipping system and highly efficient professional service, about 12 percent of goods traded between Chinese mainland and the Philippines last year amounting to nearly $1 billion  in value, were handled or transshipped by Hong Kong. Demonstrating Hong Kong’s pivotal role in the regional supply chain.”

She continued that “people to people links between the two places are equally vibrant. In 2025, Hong Kong welcomed 1.35 million visitors from the Philippines, which was our top overseas visitor source market and marked a record high over the years. Reflecting strong mobility and connectivity between the two places.”

The Hong Kong International Airport, she pointed out,  is now connected to five Philippine destinations, with about 175 flights from the Philippines to Hong Kong per week.

Thus, she said, “We look forward to more new and shared opportunities to broaden and deepen  long-term collaboration between Philippines, and across the region.”

She  added that “Beyond business and finance, we will also promote education, particularly the Study in Hong Kong Initiative, as well as cultural exchange to further strengthen people to people bonds and foster win-win collaboration across the region.’

However Ms. Hung acknowledged that “the world is not only changing, but changing rapidly and unpredictably. Yet, both Hong Kong and Philippines have never shied away from the change and challenges. It is through navigating the change and embracing the challenges that we both grow stronger, get more connected and become more forward looking.Together, I’m confident that we’ll continue to build new bridges of collaboration and create shared opportunities for the future.”

She cited the recent 2026 to 2027 budget presentation of Hong Kong Financial Secretary Paul Chen which highlighted  Hong Kong’s buoyant  economy last year —with external trade remaining strong, private consumption rebounding and fixed investment accelerated. The overall economy grew by 3.5 percent in 2025.

Total exports of goods from Hong Kong, she said, “grew by 12 percent, while export of services rose by six percent. Visitor arrivals surged by 12 percent. The stock market delivered a stellar performance, with the Hang Seng  Index rising by 28 percent over a year.

Capital raised through initial public offerings exceeded 2024 by more than two times to over $34 billion US, ranking the first in the world.”

The budget delivered, she noted, “emphasizes proactive alignment with our nation’s 15th five-year plan. Focusing on Hong Kong’s role as an international financial, shipping, trade and innovation and technology center, while accelerating development in the northern metropolis, a new engine for the future development of Hong Kong, by in particular, providing new land for development of innovation and technology industry.”

Other key priorities, Ms. Hung elaborated, “include advancing AI, industrialization and adoption, boosting our new quality, productive forces, enhancing intellectual property and emerging status, like aerospace, attracting high-caliber talent and strategic enterprises, enhancing support for family offices and regional headquarters through potential tax incentives, continuing to support Chinese mainland enterprises in going global.

“In addition, targeted support will be provided for citizens, SMEs and high value economic diversification to promote inclusive growth. While not being particularly highlighted in the budget, the Hong Kong SAR government will continue to make use of an easy office, global network of ETOs, to expand Hong Kong’s global reach, particularly across Asia, as evident in the new establishment of the Hong Kong ETO in Kuala Lumpur. In particular, we’ll continue to provide focused, tailored support to help Chinese mainland enterprises to expand globally.”