Also secures P4.13-billion grant from Asian neighbor
(Eagle News) –-The Philippines has secured an estimated US$9.8 billion worth of investments from nine business agreements signed with China during President Rodrigo Duterte’s official visit.
Duterte himself made the announcement in his arrival speech in Davao City on Friday, April 13.
The President said the signing of the business letters of intent (LOI) between the Philippine government and Chinese firms were expected to generate more than 10,000 jobs for Filipinos.
The business agreements signed involve, among others, exploration opportunities on land reclamation and development by Shanghai GeoHarbour Group; the building and operation of an LNG receiving terminal by Jovo Group Co. Ltd; the development of large tourism projects and electronics industry parts by Zhongfa Group; and an infrastructure and construction project and thermal power supply by Haocheng Group.
Also signed during Duterte’s visit were six new bilateral agreements that include an Agreement on Economic and Technical Cooperation; the Exchange of Letters on the Phase III of the Technical Cooperation Project for the Filipino-Sino Center for Agricultural Technology; the Exchange of Letters for the Pre-Feasibility Study of the Proposed Davao City Expressway Project; the Exchange Letter for Broadcasting Equipment to the Presidential Communications Operations Office (PCOO); the Preferential Buyer’s Credit Loan Agreement on the Chico River Pump Irrigation Project; and a memorandum of understanding (MOU) on the employment of Filipino teachers for the English language in China.
According to Duterte, this last one “allows for the employment of 2,000 Filipino English language teachers starting this year and (which) will be valid for two years, subject to renewal.”
P4.13-billion grant
Apart from all of these, the President said that the Chinese government has pledged a P4.13-billion grant “gratis.”
The Department of Finance (DOF) said in a statement that the grant, under the Agreement on Economic and Technical Cooperation with China, was intended to finance the Binondo-Intramuros and Estrella Pantaleon bridges in Metro Manila of the Department of Public Works and Highways (DPWH); the feasibility study for the Davao City Expressway Project of DPWH; the provision of radio and broadcasting equipment to the Presidential Communications Operations Office; and the Philippine-Sino Center for Agricultural Technology-Technical Cooperation Program Phase III of the Department of Agriculture, among others.
“We recognize that our neighbors in the region are our partners and friends with whom we can work with to achieve shared prosperity,” the President said.
“We will continue to harness diplomacy to advance our national economic and security interests,” Duterte added.
President Duterte left for China on April 9 to attend the Boao Forum for Asia annual conference.
He then proceeded to Hong Kong, where he met members of the Filipino community.
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