PH bags $12-B worth of biz deals in China

By Kris Crismundo

April 26, 2019, 9:13 pm

<p>President Rodrigo Duterte at the Belt and Road Forum for International Cooperation. </p>

President Rodrigo Duterte at the Belt and Road Forum for International Cooperation. 

BEIJING – President Rodrigo Duterte bagged around USD12.16 billion worth of business deals in his fourth visit here.

On Friday, 19 business agreements were signed between Filipino and Chinese companies. These deals include one contract agreement, two purchase framework agreements, three cooperation agreements, and 13 memoranda of understanding and agreement (MOU/MOA).

Duterte said the Philippine government welcomes these investments from Chinese firms, adding this will help the national government.

He assured businesses that there will be no corruption during his term.

“I will not allow corruption in my country,” he said. "I guarantee you no hassles, no asking of money. If you think the permit or the process is unduly delayed, please let me know.”

“The Philippine government, guarantees good governance and enabling environment that allows business and investments to prosper,” the Chief Executive added.

Secretary Ramon Lopez, meanwhile, said these deals are expected to create some 21,165 jobs in the Philippines.

Lopez said these investment and purchase deals are in the sectors of energy, infrastructure and telecommunications, agricultural products, and economic zone and industrial park development.

Among the deals in energy sector are:

  • the USD800-million contract agreement between Pulangi Hydro Power Corporation and China Energy Co Ltd for the 250-megawatt South Pulangi Hydroelectric Power Plant Project;
  • the USD1.5-billion to USD2-billion framework agreement between Tranzen Group and China Power Investment Holding for thermal, hydro, and renewable power plants; and
  • the USD40-million MOU of Department of Energy with Shanghai Electric Group Co Ltd. and Deluxe Family Co Ltd. for the promotion of the use of indigenous, new, and renewable energy resources.

Another project signed by Tranzen Group with Chinese firms are in the sectors of infrastructure and telecommunications.

Tranzen Group signed a USD4-billion MOU with China Harbour Engineering Company Ltd. for the construction of the Light Rail Transit in Manila as well as housing and roads in Northern Luzon.

It also entered into a USD500-million deal with CITIC Guoan Information Technology to construct infrastructure for nationwide Wi-Fi Internet connectivity in various capital cities and towns in the Philippines.

The Cagayan Economic Zone Authority, on the other hand, is bringing home six business deals. These include a USD150-million yacht club project; USD500-million green textile industrial park; USD500-million expansion project for the Cagayan North International Airport; USD100-million Fintech hub; USD500-million smart city project; and USD500-million resort theme park and lithium battery manufacturing plant.

Two local government units (LGUs) bagged deals with Chinese firms. Davao Occidental signed a USD1.5-billion with Fengyuan Holdings for a petrochemical refinery plant complex, while Pampanga LGU had a USD1.5-billion framework agreement with Macrolink Group for the construction and development of Yatai Industrial Park.

A USD298-million deal between GFTG Property Holdings and Sanya CEDF Sino-Philippine Investment Corporation was signed to develop Grande and Chiquita Islands in Subic, while Adnama Mining Resource, Inc., Fu Properties Inc., and Xiamen C&D Incorporation signed a deal for USD50-million iron processing plant.

A cooperation was established for the proposed Silk Road International Fund in the Philippines and also an agreement for strategic partnership training of Filipino domestic helpers to China.

Duterte, along with his cabinet secretaries, is in Beijing until Saturday for the Belt and Road Forum for International Cooperation. (PNA)