President Rodrigo Duterte was elated to witness the exchange of $12.165 worth of investment agreements between Philippines and Chinese businessmen.
During the business forum, Duterte said that this a vote of confidence in the growth and economy of the Philippines.
“I’m happy to witness the exchange of signed business agreements between the Philippine and Chinese companies. This is a vote of confidence in the growth and prospects of the Philippine economy, for which we are thankful,” Duterte said.
Duterte also noted that China is now largest trading partner of the Philippines and a major source of foreign investments.
The Belt and Road Initiative, according to Duterte, complements our massive push for infrastructure development under the Build, Build, Build program.
“Your investments in manufacturing contribute to job creation and the improvement of productive capacities, in line with our Inclusive Innovation Industrial Strategy.”
The president likewise guarantees through good governance, an enabling environment that allows business and investments to prosper.
Duterte reiterated that he will not allow corruption in his government that “has been at the start of my administration and it will be until the day I step out of office.”
Yesterday, Philippine business delegation and their Chinese counterparts signed one (1) contract agreement, three (3) cooperation agreements, two (2) purchase framework agreements, and 13 Memoranda of Agreement (MOA) or Understanding (MOU). Department of Trade and Industry (DTI) Secretary Ramon Lopez reported that majority of these projects are on energy, infrastructure, food, telecommunications, sale of agricultural products, tourism and economic zone and industrial park development.
INFRASTRUCTURE AND TELECOMMUNICATIONS
Tranzen likewise signed two MOUs for infrastructure and telecommunications projects. One was with China Harbour Engineering Company Ltd for construction of the LRT in Manila, housing, and roads in North Luzon. These projects have a combined value of US$ 4 billion and are expected to generate 1,000 jobs. The other was with CITIC Guoan Information Technology for a US$ 500 million project to construct infrastructure for nationwide Wi-Fi Internet connectivity in various capital cities and towns in PH, which is expected to create 1,000 jobs.
AGRICULTURAL PRODUCTS
Two PH companies also signed purchase framework agreements to supply agricultural products to Chinese companies. Philpack Corporation will supply US$ 40 million-worth of pineapples to Chinese company Goodfarmer Foods Holding Group, while Eng Seng Food Products will supply US$ 36.5 million-worth of green coconuts to China Artex Corporation. The latter is expected to produce 1,500 jobs.
ECONOMIC ZONE AND INDUSTRIAL PARK DEVELOPMENT
The Cagayan Economic Zone Authority (CEZA) signed six MOUs with Chinese firms to develop the economic zone. Projects include a US$ 150 million yacht club, a US$ 500 million green textile industry park, a US$ 500 million expansion of the Cagayan North International Airport, a US$ 100 million fintech hub and financial center, a US$ 500 million smart city, and US$ 150 million for various projects including a resort and theme park and lithium battery manufacturing plant.
The Pampanga local government and Chinese firm Macrolink Group likewise inked a US$ 1.5 billion framework agreement to construct and develop the Yatai Industrial Park, estimated to create 10,000 jobs.
The third framework agreement is between GFTG Property Holdings and Sanya CEDF Sino-Philippine Investment Corporation for a US$ 298 million project to develop Grande and Chiquita Islands under the Subic Bay Matropolitan Authority. The project is set to open 500 – 1,000 jobs.
Adnama Mining Resource, Inc., Fu Properties Inc, and Xiamen C&D Incorporation also signed an MOU to construct a $50 million iron processing plant in Agusan Del Norte.
