Filtered By: Money

PHL bags $12B in investments from Duterte’s fourth visit to China

The Philippines secured $12.165 billion worth of investments which are expected to generate 21,165 jobs during President Rodrigo Duterte’s fourth official visit to China.

Duterte witnessed on Friday the exchange of 19 business agreements signed by Philippine and Chinese firms on the sidelines of the second Belt and Road forum in Beijing.

The Philippine business delegation and their Chinese counterparts signed one contract agreement, three cooperation agreements, two purchase framework agreements, and 13 Memoranda of Agreement (MOA) or Understanding (MOU), according to the Department of Trade and Industry.

Trade Secretary Ramon Lopez said majority of these projects are on energy, infrastructure, food, telecommunications, sale of agricultural products, tourism and economic zone and industrial park development.

Lopez said the administration is pushing for investments on energy and manufacturing for the Philippines to broaden its manufacturing base and increase its exports.

“Among the agreements are energy projects that will help the country decrease its dependence on oil and gas imports. There will also be several industrial parks to bring jobs to Filipinos in the countryside,” he said in a statement.

In his speech, Duterte told Chinese businessmen that he will not allow corruption in government.

He also said the Philippines is strengthening domestic policies and regulations to promote ease of doing business and enhance the competitiveness of new enterprises and industries.

“The Philippines welcomes responsible foreign investors as partners for national development,” he said.

The contract agreement is for the proposed 250-megawatt South Pulangi Hydroelectric Power Plant Project in Damulog, Bukidnon.

To be developed by Pulangi Hydro Power Corporation and China Energy Co Ltd, the project aims to improve power supply reliability and resilience in the country, particularly in Mindanao. It is valued at $800  million and will create 5,000 jobs.

Filipino conglomerate Tranzen Group entered a framework agreement with China Power Investment Holding for thermal, hydro, and renewable power plants, cumulatively valued at around $1.5 to 2 billion.

Tranzen also inked an MOU with China Harbour Engineering Company Ltd for construction of the LRT in Manila, housing, and roads in North Luzon.

Another MOU signed by Tranzen was with CITIC Guoan Information Technology for a $500 million project to construct infrastructure for nationwide Wi-Fi Internet connectivity in various cities and towns in the Philippines.

The Davao Occidental local government and Fengyuan Holdings signed an MOU for the development of a $1.5 billion petrochemical refinery processing plant complex inside the Tubalan Cove Business and Industrial Park in Malita town.

The Department of Energy, Shanghai Electric Group Co Ltd, and Deluxe Family Co Ltd signed an MOU to collaborate in the promotion of the use of indigenous, new, and renewable energy resources.

Philpack Corporation will supply $40 million-worth of pineapples to Chinese company Goodfarmer Foods Holding Group, while Eng Seng Food Products will supply $36.5 million worth of green coconuts to China Artex Corporation.

Chinese firms entered into six MOUs with the Cagayan Economic Zone Authority (CEZA).

Projects include a $150-million yacht club, a $500-million green textile industry park, $500-million expansion of the Cagayan North International Airport, a $100-million fintech hub and financial center, a $500-million smart city, and $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 signed a $1.5-billion framework agreement to construct and develop the Yatai Industrial Park, estimated to create 10,000 jobs.

GFTG Property Holdings and Sanya CEDF Sino-Philippine Investment Corporation forged an agreement for a $298-million project to develop Grande and Chiquita islands under the Subic Bay Matropolitan Authority.

Adnama Mining Resource, Inc., Fu Properties Inc, and Xiamen C&D Incorporation signed an MOU to construct a $50-million iron processing plant in Agusan del Norte.

Aside from the 19 agreements, Lopez said AAC Technologies expressed intent to expand its current operations in the Philippines.

Lopez said the company plans to invest $30 million to engage in stepper motor and motor reducer manufacturing and create around 3,000 jobs in the next three years. —LDF, GMA News