China trip exceeds goal for Philippine business deals with $24 billion windfall
As President Rodrigo Duterte ended his four-day state visit to China on Friday, he is expected to bring home good news with possible investments and credit facilities worth $24 billion, surpassing an earlier estimate of $13.4 billion, Trade Secretary Ramon Lopez told the Manila Shimbun.
"The new total is $24 billion," Lopez said in a text message from Beijing.
The total amount includes investment projects worth $15 billion, and opened credit facilities valued at $9 billion, Lopez said.
Before flying back to Davao City late Friday night, Duterte met with different Chinese top executives and witnessed several private-to-private business agreements.
On Thursday, Duterte and Chinese President Xi Jinping witnessed the signing of 13 government-to-government memoranda of understanding and agreements.
In a joint statement released on Friday, Xi accepted Duterte's invitation for him to reciprocate the Philippine leader's state visit.
"President Rodrigo Roa Duterte invited President Xi Jinping to visit the Philippines at a convenient time. President Xi Jinping accepted the invitation with pleasure," the joint statement said.
Duterte said he looked forward to welcoming Chinese leaders to the 2017 ASEAN and Related Summits in Manila.
In the same joint statement, it said Duterte and Xi, during their bilateral talks, exchanged views on issues regarding the South China Sea. They added contentious issues are not the sum total of Philippine-China bilateral relationship as they discussed handling disputes in an appropriate manner.
Both sides proposed a bilateral consultation mechanism “which will meet regularly on current and other issues of concern to either side on the South China Sea.”
The relationship between the Philippines and China soured due to their conflicting claims in the South China Sea.
The Hague-based Permanent Court of Arbitration made an award on the Philippines after the previous Aquino administration asked the arbitral tribunal to declare as invalid China's nine-dash line in the South China Sea.
Both sides also expressed commitment to full and effective implementation of the 2002 Declaration on the Conduct of Parties in the South China Sea in "its entirety, and work substantively toward the early conclusion of a Code of Conduct in the South China Sea (COC) based on consensus."
Manila and Beijing also agreed to cooperate in the fight against illegal drugs.
"To further strengthen the efforts to fight against illicit drugs, both sides agree to establish operation mechanism for joint investigation on special cases and intelligence collection purposes," the joint statement said. Celerina Monte/ DMS
