BEIJING, China – The Philippines has secured around $24-billion worth of investments and credit facilities to cap President Duterte’s “highly successful” four-day state visit to China.
The influx of Chinese investments to the Philippines on renewable energy, transportation network, and manufacturing, among others, is expected to generate more than two million jobs in the next five years, Trade and Industry Secretary Ramon Lopez.
“The latest amount being formed now in terms of investments and credit facilities opened is $24 billion,” Lopez said in a media interview in Beijing, a few hours before the President returned to the country.
Of the bagful of investments, Lopez said around $15 billion involves private business deals between Filipino and Chinese firms while $9 billion covers credit facilities to be made available for development projects and other businesses.
The investments “cut across different industries – agriculture, renewable energy, tourism, food, manufacturing, telecommunications, infrastructure,” Lopez said.
The bagful of investments came after Duterte and Chinese President Xi Jinping agreed to forge stronger closer diplomatic and economic cooperation despite a lingering maritime conflict.
The two leaders met last Thursday at the Great Hall of the People where they witnessed the signing of 13 cooperation agreements on various fields. An agreement was also reached to resume bilateral consultations on the proper resolution of the territorial dispute in the South China Sea. (GENALYN D. KABILING)