Chinese firms pledge $9.8 billion investments for Philippines
President Rodrigo Duterte witnessed on Tuesday the signing of 10 business deals worth $9.8 billion between the Department of Trade and Industry and Chinese companies.
During the signing ceremony, which took place at the sidelines of the Boao Forum for Asia Annual Conference 2018 in Hainan, China, Duterte said he welcomes to the Philippines "responsible investors."
"The Philippines welcome responsible foreign investors as new partners in building the Philippine economy," Duterte said during the signing ceremony.
"I express happiness at the signing of the MOUs and LOIs between the Philippine and Chinese companies and to welcome the growing partnership between the Philippines and China," he added.
Duterte expressed hope for more robust and healthy balance of trade in the coming years between the two countries.
Duterte said with Chinese investments, more job opportunities for Filipinos would be created.
Trade and Industry Secretary Ramon Lopez, in a text message to the Daily Manila Shimbun, said about 10,800 jobs could be created from the $9.8 billion investment pledges.
Trade and Industry Undersecretary Rowel Barba inked the business letters of intent on behalf of the Philippines with the representatives of the China firms, such as Shanghai GeoHarbour Group, Jovo Group Co. Ltd. Guangdong, Zhongfa Group, Haocheng Group, China Green Agriculture Group, East-Cloud Biz Travel Ltd., China National Heavy Machinery Corporation, Sinohydro Corporation Limited and Pan Pacific Renewable Power Phils. Corporation, Shanghai Shinehigh Biotechnology Ltd. Co. and Zheijiang Dongyang Jinxin Chemical Co. Ltd., and Sino BMG. Celerina Monte/DMS