Duterte back home from China with $12-B investments, P7.7-B grant
Credit to Author: Tempo Desk| Date: Sat, 27 Apr 2019 06:40:26 +0000
PRESIDENT Duterte (left) shakes hands with Chinese President Xi Jinping (right) before their meeting at the Great Hall of People in Beijing, China.
President Duterte yesterday returned to the Philippines after his four-day visit to China for the second Belt and Road Forum, bringing home with him billions of pesos in business deals and investments and grants from the Asian powerhouse.
In a statement, presidential spokesperson Salvador Panelo said Duterte’s fourth visit to China will have a positive effect on the lives of Filipinos.
“The President’s fourth visit to our Giant Neighbor in the North yielded positive results that will impact on the lives of many of our people leading to his goal of delivering a comfortable, secure, and prosperous life for all Filipinos,” he said.
During Duterte’s visit, the Philippines secured 19 business agreements with an estimated investment value of $12.165 billion. This is expected to generate more than 21,000 jobs for Filipinos.
According to Panelo, the agreements cover a wide range of areas from energy to the construction of an economic zone, from the design of a Green Textile Industry Park to airport expansion, and from the construction of tourism related facilities to infrastructure for nationwide Wi-Fi connectivity.
Also inked are agreements to train and introduce Filipino domestic helpers in China and supply of agricultural products, such as fresh pineapples and young coconuts, among others.
Panelo also said that Chinese President Xi Jinping on Thursday committed a P7.7-billion (one billion yuan) grant to the Philippines under its Belt and Road Initiative, also promising to import more fruits from the Philippines.
According to the Palace official, Xi manifested that China will provide more resources to Luzon and Mindanao to spur regional economic growth, as well as promote Clark Green City through the building of an industrial park. (Argyll Geducos)