Duterte’s China trip to yield $10 B business deals — DTI

MANILA, Philippines — At least $10 billion worth of investment and trade deals are expected to be sealed with China during President Duterte’s visit to Beijing this week, Trade Secretary Ramon Lopez said in a statement yesterday.

He said the Philippines is set to sign over $10 billion worth of investment and trade deals during Duterte’s trip to Beijing on April 25 to participate in the second Belt and Road Forum for International Cooperation (BRF).

“We are vetting groups and their plans and possible agreements on investments and trade,” Lopez said.

As most have already been vetted, he said he expects more than 15 agreements, covering trade and investments on food, energy, power, infrastructure, technology and services, to be signed.

He said more agreements could be added.

“As part of President Duterte’s Tapang at Malasakit battlecry for nation building, the DTI is continuously seeking investment opportunities from our country partners to bring home jobs and business opportunities for more Filipinos,” Lopez said.

In another development, the Department of Trade and Industry, in partnership with Bank of China, is holding the Opportunities in China’s New Economy and Belt and Road Initiative Development event on April 26 in Beijing to serve as a platform for Philippine firms to learn about China’s policies for foreign ventures and investment opportunities.

The event is being held in line with a memorandum of understanding signed by Bank of China Manila and DTI’s Board of Investments in January last year to work together to promote stronger economic and industrial links between investors and corporations through information monitoring and sharing.

“The Philippines has seen rapid growth in just a few years thanks to the administration’s commitment to develop local infrastructure and industries,” Bank of China Manila country head Deng Jun said.

“With spending on the rise among Chinese consumers, businesses and investors, as well as the establishment of the Philippine Renminbi Trading Community, I believe now is the best time for our countries to engage in more cross-border activities to further grow our two economies,” he said.

Earlier this week, Foreign Affairs assistant secretary Meynardo Montealegre said the Philippines and China may sign about five agreements covering education, anti-corruption, drug rehabilitation, official development assistance and infrastructure on the sidelines of the BRF.

Apart from attending the BRF, Duterte is also expected to engage in bilateral meetings with China President Xi Jinping and Premier Li Keqiang.

It is not clear if the row over the West Philippine Sea would be discussed during the meetings.

Earlier this year, former foreign affairs secretary Albert del Rosario and former ombudsman Conchita Carpio-Morales filed a lawsuit against Xi before the International Criminal Court for destruction of marine resources and livelihood of Filipino fishermen in the West Philippine Sea.

Previous reports have said hundreds of Chinese vessels have been circling Pag-asa, the largest of nine Philippine-controlled islets in the disputed Spratlys.