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Prez Marcos' state visit earns $22.8-B worth of investment pledges from China
Prez Marcos' state visit earns $22.8-B worth of investment pledges from China
Nation
Prez Marcos' state visit earns $22.8-B worth of investment pledges from China
by Christhel Cuazon06 January 2023
Photo courtesy: Office of the Press Secretary

President Ferdinand 'Bongbong' Marcos Jr. on Thursday announced that his state visit to China as well as his meetings with Chinese businessmen have earned the country a total of $22.8 billion or over PHP 1.2 trillion in investment pledges.

During his arrival speech in Manila after his 3-day visit to Beijing, the President said there is an “overwhelming response” from the Chinese business community on the investment and trade opportunities in our economy.

"When realized, these investments will support our country's economic recovery efforts and create more jobs for Filipinos," Marcos Jr. said.

The various Chinese companies participating in these meetings presented their investment plans in the Philippines, totaling USD 22.8 billion as well as trade purchase intentions amounting to almost USD 2.1 billion.

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According to the Office of the Press Secretary (OPS), the commitments include $13.76 billion for renewable energy, $7.32 billion for electric vehicle and mineral processing, and $1.72 billion for agribusiness.

A memorandum of agreement (MOA) extending the importation of Philippine fruit to China was also signed during the state visit.

Manila and Beijing also witnessed the signing of 14 bilateral agreements that will broaden and deepen ties in many vital areas.

The deals covered various sectors from agriculture, education, energy, environment, infrastructure, science and technology, and trade, to people-to-people exchanges.

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President Marcos said he and Xi also “ventured into new areas of cooperation, such as e-commerce, and digital cooperation.”

“These agreements reflect our common priorities as well as practical ways of pursuing bilateral cooperation in an ever-increasing range of areas,” the President said.

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