MANILA, Philippines – Why are there over 200 businessmen travelling with President Aquino to China?

This large delegation, which includes some of the Philippines’ richest tycoons, clearly indicates the state visit is more about business than politics.

After decades of spectacular growth, China has overtaken Japan as the world’s second-largest economy this year, next to the United States. And its economic power, not to mention its huge population, present vast opportunities for the Philippines.

Together with its Hong Kong Special Administrative Region, China almost equals the US in terms of net foreign direct investments (FDIs) in the Philippines. FDIs are what the government has been trying to attract more because these are long-term money. These go to heavy industries in the form of factories, buildings, equipment and other physical assets.

China is also the third largest buyer of Philippine exports, with its receipts growing 28% in the first six months this year, more than double the growth of Japan’s. Exports to the US, meanwhile, fell 5.6%.

But it’s not just Chinese investments that Filipinos want. It’s the Chinese market.

Henry Sy, controlling shareholder of the SM group, already has four shopping malls in China. He’s planning to build a fifth, in Tianjin.

Tony Tan Caktiong’s Jollibee owns the 200-store Yonghe King chain in China, while John Gokongwei is one of the biggest snack food makers there. Carlos Chan, the brother of Bench’s Ben Chan, also took his family’s Oishi brand to the mainland.

With a saturated domestic market providing little room for growth, China is Filipino businessmen’s next target. – With a report from ANC