A total of 19 new business deals between the Philippines and China including a $ 50 million iron processing plant was signed in Beijing on Friday, April 26 as part of the fourth visit of President Rodrigo Duterte to China.
In a statement by the Department of Trade and Industry (DTI) released on Friday, it said that “the Philippine business delegation and their Chinese counterparts signed one (1) contract agreement, three (3) cooperation agreements, two (2) purchase framework agreements, and 13 Memoranda of Agreement (MOA) or Understanding (MOU).”
The said plan to build a $ 50 million iron processing plant in Agusan del Norte was finalized through an MOU inked by Adnama Mining Resources, Inc., Fu Properties Inc., Xiamen C&D Incorporation.
President Duterte was accompanied by Philippine government officials in attending the Belt and Road Forum in the Chinese capital.
Meanwhile, the mining mogul Salvador Zamora II of the Tranzen Group led deal signing in energy, infrastructure, and telecommunications.
Other deals settled between the Philippines and China includes: an MOU involving Tranzen Group and China Harbour Engineering Company Ltd on the construction for the Manila Light Rail Transit, housing, and roads in North Luzon, for a total value of $ 4 billion; and, an MOU for a $ 500 million project on the construction of infrastructure for nationwide Wi-Fi connectivity signed by Tranzen Group and CITIC Guoan Information Technology.
Under agriculture, Philpack Corporation and Goodfarmer Foods Holding Group talked about and established a $ 40 million worth of pineapple purchase framework to supply China and another purchase framework agreement between Eng Seng Food Products and China Artex Corporation to supply China with $36.5 million worth of green coconut.
For Economic Zone and Industrial Park Development, six MOUs on Cagayan Economic Zone Authority development, approximately $1.5 billion framework agreement to construct and develop the Yatai Industrial Park was agreed by the local government of Pampanga and Macrolink Group
The sector also has a framework agreement worth approximately $298 million between GFTG Property Holdings and Sanya CEDF Sino-Philippine Investment Corporation to develop the Grande and Chiquita Islands under the Subic Bay Metropolitan Authority.
According to DTI, these business deals are bringing $12.165 billion in investments and trade, and are expected to create approximately 21,165 jobs.
