CHIZ LAUDS CHINA INITIATIVE ON TAIWAN

The declaration of China that it was ready to end a state of hostility with Taiwan and embark on a series of steps to improve cross-straits economic relations is a welcome move that will benefit Asia at a time when the global financial crunch is wreaking havoc on every nation.

In a statement, Sen. Chiz Escudero also said that resolving political disputes between Beijing and Taipei would ensure lasting peace in the region that will in turn create economic stability.

"The state of China's economy, which is the world's third biggest, is an important barometer of how well Asia will recover from the ongoing recession in the US. Once differences with Taiwan are ironed out and a formal agreement is finalized with the mainland, I have no doubt that Southeast Asia in general, and the Philippines in particular, will benefit as security tensions ease," he said.

Escudero was in Taiwan last year upon the invitation of its government after being recognized as one of the emerging young leaders of Asia.

"It is my hope that the normalization of ties between Beijing and Taipei will pave way for Taiwan to have warm relations with other countries," Escudero stressed.

China has registered double-digit growth since 2001, although exports were hit hard last year as world economic growth slowed down.

Combined trade last year between the Philippines and China reached $28.58 billion, while two-way trade during the first seven months last year between Manila and Taipei amounted to $4.4 billion

At China's recent National People's Congress, Premier Wen Jiabao said Beijing was ready to hold talks with Taiwan to discuss military issues and create conditions to foster the right atmosphere for the signing of a peace agreement.