10 Chinese firms pledge $9.8B in investments for PHL — Trade chief

At least $9.8 billion worth of investment pledges were signed during President Rodrigo Duterte's trip to China on Tuesday, Trade Secretary Ramon Lopez said.

Duterte witnessed the signing of letters of intent (LOI) of 10 Chinese companies after attending the opening ceremony of the Boao Forum for Asia Annual Conference in Boao, Hainan, Province.

In a text message to GMA News Online, Lopez said the 10 LOIs are worth around $9.8 billion of investments for the Philippines.

The Trade chief added the investment pledges are expected to generate about 11,000 jobs.

Trade Undersecretary Rowel Barba signed on behalf of the Philippine government with the representatives of the Chinese firms, which include: Shanghai GeoHarbour Group, Jovo Group Co. Ltd. Guangdong, Zhongfa Group, Haocheng Group, China Green Agriculture Group, East-Cloud Biz Travel Ltd., China National Heavy Machinery Corporation, Sinohydro Corporation Limited and Pan Pacific Renewable Power Phils. Corporation, Shanghai Shinehigh Biotechnology Ltd. Co. and Zheijiang Dongyang Jinxin Chemical Co. Ltd., and Sino BMG.

"I acknowledge the job opportunities that will be created by Chinese investments now and the years to come and the role in promoting inclusive growth of encouraging entrepreneurship among the Filipinos," Duterte said in a speech following the signing ceremony.

"I express happinnes at the signing of the MOUs and LOIs between the Philippines and Chinese companies and welcome the growing partnership between the Philippines and China," the President said. — Ted Cordero/RSJ, GMA News