Magandang salubong! Duterte: China’s $9.8B investment pledge equals 10,000 jobs for Pinoys
Ten thousand jobs await Filipinos as a result of the $9.8-billion worth of investment pledges signed in China, President Rodrigo Duterte said.
Fresh from his four-day visit to China and Hong Kong, Duterte said Friday (April 13) announced the job openings that the new investments will create.
“The nine business agreements signed during my visit yielded an estimated value of 9 to 8 billion dollars in investments. These are projected to generate more than 10,000 jobs for our countrymen and women,” Duterte said in his speech upon his arrival at the Davao International Airport.
Among the business agreements signed include the exploration opportunities on land reclamation and development by Shanghai GeoHarbour Group, building and operation of LNG receiving terminal by Jovo Group Co. Ltd, development of large tourism projects, electronics industry parts by Zhongfa Group, and infrastructure and construction project and thermal power supply by Haocheng Group.
China Green Agriculture Group also intends to explore agriculture and tourism opportunities in cooperation with the Philippines’ Calata Corp.
Other Chinese companies wanting to invest in the country are East-Cloud Biz Travel Ltd, which wants to venture in the tourism sector; China National Heavy Machinery Corp. for the development of China-Philippines International Techno-Industrial Zone; Shanghai Shinehigh Biotechnology Ltd and Zhejang Dongyang Chemical Co. Ltd for the establishment of pharmaceutical factory; and Sino BMG for the putting up of an aerated concrete block production facility in the Philippines.
The President’s visit likewise forged six new bilateral agreements between the government of the Philippines and the Chinese government.
“Among these is the Memorandum of Understanding (MOU) on the employment of Filipino teachers of English language in China,” Duterte said.
“This allows for the employment of 2,000 Filipino English language teachers starting this year and will be valid for two years, subject to renewal,” he added.
Among the bilateral agreements signed in President Duterte’s visit to China include the Agreement on Economic and Technical Cooperation between the Government of the Republic of the Philippines and the Government of the People’s Republic of China; the Exchange of Letters on the Phase III of the Technical Cooperation Project for the Filipino-Sino Center for Agricultural Technology; the Exchange of Letters for the Pre-Feasibility Study of the Proposed Davao City Expressway Project; the Exchange Letter for Broadcasting Equipment to the Presidential Communications Operations Office (PCOO); the Memorandum of Understanding on the Employment of Filipino Teachers of English Language in China; and the Preferential Buyer’s Credit Loan Agreement on the Chico River Pump Irrigation Project.
According to the Chief Executive, the Chinese government will also provide 500 million Renminbi in grant assistance.
At the Boao Forum for Asia held in Hainan, China, President Duterte said that the leaders discussed the importance of an “open and innovative Asia for greater global prosperity,” and recognized that Asia is a critical global growth engine.
“We strongly emphasized the need for economic cooperation, coordination and collaboration to achieve the development our peoples,” President Duterte said.
The President underscored the importance of providing a safe, secure and stable environment in the region’s land and waters for economies to thrive.