BEIJING – A least 19 trade and investment deals worth $12.165 billion have been secured by the Philippines during President Duterte’s fourth visit to China.
The business deals covering energy, infrastructure, telecommunications, food, sale of agricultural products, tourism, and economic zone and industrial park development are expected to generate 21,165 jobs for the country, according to Trade and Industry Secretary Ramon Lopez.
The agreements, involving Filipino and Chinese companies buoyed by business opportunities back home, were signed in the presence of President Duterte on the sidelines of the second Belt and Road Forum for International Cooperation in Beijing.
“The Duterte 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,” Lopez said.
“There will also be several industrial parks to bring jobs to Filipinos in the countryside,” he added.
Lopez has attributed the Chinese investor confidence to the country’s steady economic growth, the nation’s demographic sweet spot, and Duterte’s policies on peace and order.
“The country is growing fast over six-percent growth sustained for the past 15 quarters consecutively. It’s really a good indication of a fast growing economy,” the Trade and Industry chief said in a media interview.
“They know the demographic sweet spot that we have right now, over 107 million Filipinos. It keeps on growing. There’s a growing middle class,” he added.
Lopez said the President has also assured the business community about promoting the ease of doing business, “in other words there’s no corruption, no difficulty in doing business.”
He said Duterte has also asked investors to report any complaints of corruption or delays in processing of their permits.
He said the businessmen have also valued the “much improved” peace and order situation in the Philippines, citing the government’s campaign against illegal drugs and criminality.
“It’s a big help that they see the President supporting the business environment. Our President said the Philippines is open for business, you are expected to make money also as investors. He’s not against making profits,” he said.
He said Duterte however asked the businessmen to employ more Filipinos. “For every job that is created, you are lifting a life out of poverty. That’s the mandate from the President,” he said.
He also cited that Chinese President Xi Jinping has also assured support in helping the Philippine economy through more trade and investments.
Lopez made clear that the West Philippine Sea issue has not been a concern for the Chinese businessmen in the country. “We don’t see any concern of that sort. It’s not even raised in the meetings. They really look at the business opportunities in the country,” he said. (Genalyn Kabiling)
(UPDATED)