The ties between China and Philippines already seems to be a promising alliance.
The $24-billion investment and credit line pledges that the Philippine government secured from China display greater confidence in the future economic relationship between the two countries, Trade Secretary Ramon Lopez said in an Inquirer article.
The deals secured during President Duterte’s state visit to China are expected to boost the trade and investment levels between the two countries, he added.
Lopez said here are the projects that would be covered by $15-B:
- Subic-Clark railway project by Bases 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 infrastructure at Sangley Point by Cavitex Holdings, International - Container Terminal Services Inc. and China Harbour Engineering
- Joint venture agreement with 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 of Asia Inc.
- 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 Co. and Power China Guizhou Engineering Corp.
- Pasig River, Marikina River and Manggahan Floodway bridges construction project by Zonar Construct and SinoHydro;
- 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.
Unemployed Filipinos can now look up as these investment agreements are expected to create two million jobs in the next five years.
“We will maintain relations with our other partners but we would revive the stronger integration with our neighbors. We share centuries of trading, similar cultures and a better understanding of our region,” he said.
“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.
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