President Rodrigo Duterte’s recent trip to China produced an estimated USD12.16 billion worth of business deals comprising 19 business agreements between Filipino and Chinese companies.
It was reported that the investment and purchase deals are in the sectors of energy, infrastructure and telecommunications, agricultural products, and economic zone and industrial park development. These include: contract agreement between Pulangi Hydro Power Corporation and China Energy Co Ltd for the 250-megawatt South Pulangi Hydroelectric Power Plant Project worth USD800-million; framework agreement between Tranzen Group and China Power Investment Holding for thermal, hydro, and renewable power plants worth USD1.5-billion to USD2-billion; and
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 worth USD40-million.
In sum, the signed deals are composed of one contract agreement, two purchase framework agreements, three cooperation agreements, and 13 memoranda of understanding and agreement (MOU/MOA). Translated further, these deals are expected to generate some 21,165 jobs for Filipinos at home.
A bright spot among provincial delegates is Davao Occidental which was among two local government units (LGUs) which bagged deals with Chinese firms. The province signed a USD1.5-billion with Fengyuan Holdings for a petrochemical refinery plant complex. The other LGU was Pampanga which had a USD1.5-billion framework agreement with Macrolink Group for the construction and development of Yatai Industrial Park.
The President is in Beijing for the Belt and Road Forum for International Cooperation but he made full use of the travel to ensure the Philippine contingent comes home with done deals.
