MANILA, Feb. 13 (Xinhua) -- Philippine President Ferdinand Romualdez Marcos on Friday launched the second phase of the Chinatown revitalization project in Manila's Binondo district, reaffirming his commitment to preserving its enduring heritage while promoting cultural tourism and fostering economic growth.

Leading the official launch in Binondo, Marcos said the initiative honors the long-standing bond of trade and cultural exchange between the Philippines and China.

Binondo, founded in 1594, is described as the world's oldest Chinatown. Beyond its age, what makes this place special is its long story of commerce, faith, and culture between Filipinos and the Chinese community, Marcos said.

This initiative is all about honoring shared histories and giving the district the much-needed attention and respect that it deserves, according to the president said.

Building on the success of Phase I, which restored and illuminated the iconic Jones Bridge, Marcos said Phase II will further transform Binondo into a vibrant cultural and economic hub.