Chinese firm pledges infra investments, says Palace

Malacañang on Monday said a Chinese construction company has committed to providing more investments to the Philippines.

The Presidential Communications Office (PCO) said officials of the China Communications Construction Co. Ltd (CCCC) paid a courtesy call on President Ferdinand "Bongbong" Marcos Jr.

The firm proposed the construction of the 270-kilometer Laoag City-Rosario City Highway Project and the introduction of China’s Juncao technology to the Philippines.

The CCCC proposed to build a Juncao Technology Demonstration Center and a Juncao Industrial Park for Juncao grass cultivation and processing, Palace said.

Once approved, the project will be funded through Chinese foreign aid.

Aside from the said proposal, the CCCC officials provided Marcos with an update on its ongoing infrastructure projects in the Philippines, including the Samal Island-Davao City Connector (SIDC) Project and North & South Harbor Bridge, among others.

Marcos said the central part of his government’s economic policy is the establishment, endorsement, and promotion of public-private partnership, in which the CCCC could participate.

"It can be of any nature – commercial venture or joint venture with a local partner. Of course, the PPP, where you have partnership with government, even G2G -- government-to-government arrangements -- are also something that we have been doing for a long time and again that we wish to further,” Marcos said.

The Palace said the CCCC is a Chinese state-owned enterprise mainly engaged in transportation infrastructure projects such as roads, bridges and railways.

Currently, it has more than 60 wholly owned subsidiaries and has operated in more than 150 countries and regions.—LDF, GMA Integrated News