Pres. Duterte Brings Home $24 Billion Worth of Funding & Investment Pledges from China

Pres. Rodrigo Duterte announced during a press conference upon his arrival from a four-day state visit from China that his administration brings home $24 billion worth of funding and investments pledges from China as both nations agreed on various infrastructure projects aside from plans to resume talks and explore areas of cooperation in the South China Sea.

Trade Secretary Ramon Lopez confirmed that economic deals with China on investments alone is worth $15 billion. Preliminary agreements in railways, ports, energy and mining worth $11.2 billion were signed between the Philippines and Chinese firms while the Chinese government will also provide $9 billion in soft loans, including $3 billion credit line with the Bank of China.

Communications Sec. Martin Andanar stated in Beijing that "China is not only a friend. China is only a relative, but China is a big brother." The Cabinet member added that while the US had been like a father for the Philippines, it was time to move out of the house and "decide for ourselves."

Based upon the agreements signed by both the Philippine government, Chinese government and the business sectors who joined the trip with Pres. Duterte, the investment deals conclude a contentious week for Duterte.

The Philippine President also made international headlines when he announced following a meeting with Chinese President Xi Jinping that he wanted to cut the cord with the U.S. and pivot to China and Russia.

Finance Sec. Carlos Dominguez and Economic Planning Sec. Ernesto Pernia said the Philippine Cabinet would move strongly and swiftly toward regional economic integration even as they said that the nation would maintain its relations with the West.

Some of the notable agreements between the Philippines and China are benificial not only for Filipinos but also for the Chinese companies who are given the opportunities to make their presence felt in the Philippines.

China's Baiyin Nonferrous Group Co. has agreed to consider investing up to $700 million in a stainless steel plant in the Philippines as they signed a preliminary agreement with the Philippine-based company, Global Ferronickel Holdings Ltd.

A $2.5 billion project between MVP Global Infrastructure Group and China Railway Engineering Corp. was signed by representatives from both companies. Davao City, the hometown of Pres. Duterte will be the site chosen by China Harbour Engineering Co. Ltd. for their $780 million coastline and port project as representatives from the Philippines and China signed a memorandum of agreement.

Sec. Lopez of the DTI also noted that the Philippines will maximize the Asian Infrastructure Investment Bank as as a funding source for infrastructure projects in the Philippines but noted the Philippines won't stop trade with the US but only it would lessen "too much dependence" in the country's longest ally in the world.

Pres. Duterte Brings Home $24 Billion Worth of Funding & Investment Pledges from China Pres. Duterte Brings Home $24 Billion Worth of Funding & Investment Pledges from China Reviewed by Phil Newsome on 10/22/2016 Rating: 5

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