According to Trade Secretary Ramon Lopez, the Philippine government’s procurement of $24 billion investment and credit line pledges from the Chinese government earlier in the week shows “greater confidence” in future economic relations between the two countries.
Lopez’ text message to the reporters mentioned how this rekindled alliance in this region has helped open up vast opportunities for trade and investment in the Philippines and China as well as the Asean market which is greater than 1.9 billion people in number.
He adds that the President was able to secure deals that shall boost the two countries’ trade and investment levels.
The signed $15 billion worth of investment projects as disclosed by Lopez include, as listed by the Inquirer:
- Subic-Clark railway project by Bases and Conversion and Development Authority (BCDA) and China Harbour Engineering Co.
- Bonifacio Global City-Ninoy Aquino International Airport Segment of Metro Manila Bus Rapid Transit-EDSA project by BCDA and China Road and Bridge Corp.
- BCDA-China Fortune Land Real Estate project (memorandum of understanding)
- Safe and smart city projects for BCDA by BCDA and Huawei Technologies
- Transportation and logistics infrastructures at Sangley Point by Cavitex Holdings, International Container Terminal Services Inc. and China Harbour Engineering
- Joint venture agreement of Jimei Group of China and Expedition Construction Corp. for infrastructure projects
- North Negros biomass and South Negros biomass project by North Negros Biopower and Wuxi Huaguang Electric Power Engineering
- Globe Telecom projects to improve network quality and capacity
- Jin Jiang hotel room capacity expansion from 1,000 to 2,000 by Double Dragon Properties and Hotel
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Other projects included are in cooperation with Asia Inc. and the Co. and Power China Guizhou Engineering Corp.
Under Asia Inc., the Inquirer listed down the following:
- Joint development project on renewable energy by Columbus Capitana and China CAMC Engineering
- New Generation Steel Manufacturing Plant by Mannage Resources and SIIC Shanghai International Trade HK;
- Joint venture on steel plants by Global Ferronickel and Baiyin International
- Renewable energy projects by Xinjiang TBEA Sunoasis
- Davao coastline and port development project by Mega Harbor Port and Development and China Harbour Engineering;
- Manila Harbour Center reclamation by R-II Builders Inc. and China Harbour Engineering
- Cebu International and Bulk Terminal project by Mega Harbour Port and CCCC Dredging Company
- Cabling manufacturing facilities by MVP Global Infrastructure Group and Suli Grp Ltd.
- Manila EDSA Bus Transportation program by Phil State Group and Yangtse Motor group and Minmetals International
- Hybrid rice production by SL Agritech and Jiangsu Hongqi Seed Inc.
- Bus manufacturing facility by Zhuhai Bus and Coach Co.
- Banana plantation project by AVLB Asia Pacific and Shanghai Xinwo Agriculture Development Co.
- 300MW Pulangi-5 Hydro Project by Greenergy
Under Co. and Power China Guizhou Engineering Corp, the investment pledges that the Philippines can expect include the following:
- Pasig River, Marikina River and Manggahan Floodway bridges construction project by Zonar Construct and Sino Hydro;
- Ambal Simuay sub-river basin flood control project by One Whitebeach Land Development and Sino Hydro;
- Nationwide island provinces link bridges by Zonarsystems and PowerChina Sino Hydro; and
- Railway project (study) by MVP Global Infrastructure group and China Railway Engineering Corp.
The government is looking into generating 2 million jobs over the next five year as a result of these investment agreements.
Furthermore, a total of $9 billion worth of financing facilities would be coming from the China State and Bank of China, according to Lopez.
The trade chief is also looking into additional promising area which is China’s investment to the Philippines.
Source: (business.inquirer.net)
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