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Duterte to bring home $24 billion from China

BEIJING — The Philippines is poised to reap $24 billion of investments and credit facilities from the four-day state visit of President Rodrigo Duterte to China, Trade Secretary Ramon Lopez disclosed on Friday.

"Iyong bagong number na nabubuo ngayon, in terms of investments and credit facilities opened, $24 billion – $15 billion noon are investments and iyong $9 billion will be in the form of credit facilities," he told reporters in a chance interview in this city.

"Iyong private-to-private, iyon ang $15 billion. And about $4 billion are MOUs [memoranda of understanding] to be signed later today," he said.

The investments and credit facilities cover a number of sectors including agriculture, energy, renewable, tourism, food, manufacturing, telecommunications, and infrastructure, Lopez noted.

These would translate into two million jobs in the Philippines. "Estimate lang, roughly two million. Roughly over two million over five years," he said.

The Bank of China is also expected to provide $3 billion in loans for businesses including micro, small, medium enterprises. — VDS/JST, GMA News