12.6 Billion Dollar Deals Were Made Yesterday In Beijing
12.6 BILLION – Filipino and Chinese businessmen shook hands on new investments and trade deals amounting to 12.6 billion dollars yesterday.
President Rodrigo Duterte flew to Beijing recently to attend bilateral meeting set with Chinese President Xi Jinping. Where the Chinese government pledge 1 billion Yuan to the Philippines.
Read more about it here.
Yesterday, in a forum attended by Pres. Duterte, 19 newly-founded investment and trade deals were signed at the Grand Hyatt Hotel in Beijing.
These new investments and trade deals are expected by the officials to provide up to 20,000 jobs for Filipinos.
This is according to an article from Philstar. Based on the article,
One of the agreements was between Cagayan Economic Zone Authority or CEZA and Yatai International Holdings Group. The agreement was made to establish a center for science and technology in the province.
An agreement between CEZA and Global Millenial Quickpat for Fintech Hub was also signed.
Another agreement, made for the development of Cagayan International Airport, was founded between CEZA and Pai Hao Investment and Immigration Consultant Limited.
Dawah and Apsaraz Chinese firms also agreed to put up a yacht club with CEZA. As well as a Green Textile Industrial park will be established by Guanan Group of China in CEZA.
There were also other many agreements including a proposal of 250 Megawatts South Palangi Hydroelectric Power Plant in Bukidnon that could possibly improve power supply stability and reliability.
Despite the positive agreements, President Duterte expressed that these investment is for development and not to nurture our country’s dependence to a foreign investors. In his statement:
“We must remember: development assistance must be used as a genuine tool to bring about positive change in the lives of our peoples. And it must be a purposive decision of partner-states, taking into account mutual respect and mutual interests.”
That is all there is to it, at least for now. We’ll post updates as soon as we got them.