President Duterte's state visit to China gained not only a good relationship and greater confidence among the two countries but also secured $24 Billion investment and credit pledges $15 Billion of which are going to be used for infrastructure projects in the Philippines.The deals secured by President Duterte's state visit is expected to beef up the investment and trade levels between both countries.
According to trade secretary Ramon Lopez,the renewed friendships in this part of the world have opened huge opportunities's trade and investment in China and Asean market over 1.9 billion people.
Lopez also disclosed that the $15 billion worth of investment projects were as follows:
1.Railway project (study) by MVP Global Infrastructure group and China Railway Engineering Corp.
Lopez also disclosed that the $15 billion worth of investment projects were as follows:
1.Railway project (study) by MVP Global Infrastructure group and China Railway Engineering Corp.
2.Nationwide island provinces link bridges by Zonar Systems and PowerChina Sino Hydro
3.Ambal Simuay sub-river basin flood control project by One Whitebeach Land Development and Sino Hydro;
4.Pasig River, Marikina River and Manggahan Floodway bridges construction project by Zonar Construct and SinoHydro
6. Banana plantation project by AVLB Asia Pacific and Shanghai Xinwo Agriculture Development Co.
7.Bus manufacturing facility by Zhuhai Bus and Coach Co
8.Hybrid rice production by SL Agritech and Jiangsu Hongqi Seed Inc.
- 5. 300MW Pulangi-5 Hydro Project by Greenergy
Co. and Power China Guizhou Engineering Corp.
6. Banana plantation project by AVLB Asia Pacific and Shanghai Xinwo Agriculture Development Co.
7.Bus manufacturing facility by Zhuhai Bus and Coach Co
8.Hybrid rice production by SL Agritech and Jiangsu Hongqi Seed Inc.
9.Manila EDSA Bus Transportation program by Phil State Group and Yangtse Motor group and Minmetals International
10.Cabling manufacturing facilities by MVP Global Infrastructure Group and Suli Grp Ltd.
11.Cebu International and Bulk Terminal project by Mega Harbour Port and CCCC Dredging Company
12.Manila Harbour Center reclamation by R-II Builders Inc. and China Harbour Engineering
13.Davao coastline and port development project by Mega Harbor Port and Development and China Harbour Engineering;
14.Renewable energy projects by Xinjiang TBEA Sun Oasis
15.Joint venture on steel plants by Global Ferronickel and Baiyin International
16.New Generation Steel Manufacturing Plant by Mannage Resources and SIIC Shanghai International Trade HK;
16.New Generation Steel Manufacturing Plant by Mannage Resources and SIIC Shanghai International Trade HK;
17.Joint development project on renewable energy by Columbus Capitana and China CAMC Engineering
19.Globe Telecom projects to improve network quality and capacity
- 18.Jin Jiang hotel room capacity expansion from 1,000 to 2,000 by Double Dragon Properties and Hotel of
Asia Inc.
20.North Negros biomass and South Negros biomass project by North Negros Biopower and Wuxi Huaguang Electric Power Engineering
Joint venture agreement of Jimei Group of China and Expedition Construction Corp. for infrastructure projects
21.Transportation and logistics infrastructure at Sangley Point by Cavitex Holdings, International Container Terminal Services Inc. and China Harbour Engineering
22.Safe and smart city projects for BCDA by BCDA and Huawei Technologie
Joint venture agreement of Jimei Group of China and Expedition Construction Corp. for infrastructure projects
21.Transportation and logistics infrastructure at Sangley Point by Cavitex Holdings, International Container Terminal Services Inc. and China Harbour Engineering
22.Safe and smart city projects for BCDA by BCDA and Huawei Technologie
23.BCDA-China Fortune Land Real Estate project (memorandum of understanding);
24.Bonifacio Global City-Ninoy Aquino International Airport Segment of Metro Manila Bus Rapid Transit-EDSA project by BCDA and China Road and Bridge Corp.
24.Bonifacio Global City-Ninoy Aquino International Airport Segment of Metro Manila Bus Rapid Transit-EDSA project by BCDA and China Road and Bridge Corp.
25.Subic-Clark railway project by Bases Conversion and Development Authority (BCDA) and China Harbour Engineering Co.
These investment agreements are expected to generate 2 million jobs for Filipinos within the next 5 years that can possibly reduce the number of unemployment in the country.
Financial facilities worth a total of $9 Billion would come from China State and Bank of China,according to Lopez.
“For China alone, they continue to be the Philippines’ second major trading partner with $17 billion value in total trade. Our exports to China were $6 billion in 2015 but this still has high growth potential as we establish better relations and considering China’s total imports was around $2 trillion in 2015.
Another promising area again is investment from China. Their investment to the Philippines dropped to only $32 million in 2015.
But China’s total outward investments was around $130 billion in 2015,” the trade chief said.
Meanwhile,Senators from the Liberal Party (LP) want the Senate to review the deals with China entered into by President Duterte, including the billions of dollars in aid to be extended by China and the joint coast guard cooperation activities in the disputed West Philippine Sea.
LP Senators Paolo Benigno Aquino IV, Leila de Lima, Franklin Drilon and Francisco Pangilinan said so much is at stake in Duterte’s declared pivot to China and Russia, including the Philippine claim over disputed waters, its trade with other countries and the welfare of overseas Filipino workers.
The senators called for immediate action on Senate Resolution 158 filed by Aquino calling on the Senate committees on foreign relations and economic affairs to conduct a hearing, in aid of legislation, on the foreign policy direction of the government.
The hearing should reveal the terms of the 13 agreements and memoranda of understanding, including the reported $6 billion in soft loans, $3 billion in credit facilities through private Chinese banks, and the Joint Coastal Guard Committee on Maritime Cooperation in disputed waters, signed during Duterte’s state visit in Beijing.
“We are in agreement that the Philippines needs an independent foreign policy, one that protects and champions the interests of the Filipino people, one that is not pro-American and not pro-China but pro-Filipino, ensuring that the conventions and agreements we sign will benefit Filipino citizens,”
“The Filipino people deserve to know what the official position of the administration is and how this affects the lives of our countrymen residing in all corners of the globe,” the senators said in a joint statement.
Sen. Risa Hontiveros asked Duterte to be judicious in his statements even as she appreciated his attempts to clarify his pronouncements.
Pangilinan said the confusion of Duterte’s “conflicting” statements adversely affects public confidence in the nation’s state of affairs and creates uncertainty unnecessarily.
For Sen. Richard Gordon, Duterte is clever and unorthodox in his foreign policy.
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Dominador Say, undersecretary of the Department of Labor and Employment (DOLE), said that talks are underway with Chinese embassy officials on this possibility. China’s five major cities, including Beijing, Shanghai and Xiamen will soon be the destination for Filipino domestic workers who are seeking higher income.
CRIMES PUNISHABLE BY DEATH IN SAUDI ARABIA AND ITS EQUIVALENT SENTENCE UNDER PHIL LAW
DON'T DO THESE THINGS WHILE IN SAUDI ARABIA
DUTERTE ACCOMPLISHMENTS IN 100 DAYS
BRAND NEW PATROL SHIP FROM JAPAN STARTED OPERATION
BEING BUSY DOESN'T GUARANTEE PRODUCTIVITY
DRUG LORD KERWIN ESPINOSA ARRESTED IN UAE
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