Chinese mining firm investing $25 M

NANNING — A Chinese mining company has signed an agreement investing $25 million in the Philippines at the opening of the 3rd China-ASEAN (Association of Southeast Asian Nations) Expo here.

The investment involves the exploration and development of mining areas on Dinagat Island in Surigao del Sur, said Guillermo Laquindanum, director of the Board of Investment’s mining, marine and natural resources-based products department.

Under a memorandum of agreement forged with Philippine firm Oriental Synergy Mining Corp. last Tuesday, China-based Quanzhon Qixing Machine Corp. Limited will pour at least $1 million for projects designed to preserve the environment, create employment, enhance health service, improve basic infrastructure for the benefits of the host communities on Dinagat Island, Laquindanum said.

On the tourism investment side, the Department of Tourism (DOT) offered to investors the development estate for tourist destinations, development of tourist facilities, among others.

Arlene Alipio, leader of DOT Team China, said beautiful beaches in Palawan, Bohol, and other parts would be opened to investors.

"To further encourage investors, the Philippine government is offering special investors visa (SIRV) for investors with minimum investment of $50,000," Alipio said.

Under the SIRV, the Philippine government will grant resident visas to investors’ wives and children.

During the China-ASEAN summit on Oct. 30, President Arroyo earlier said the bilateral relations between China and the ASEAN had "entered its best era for development."

The President said the ASEAN was satisfied with the current relations with China because the economic, political and cultural cooperation between two sides, China has become the "engine for driving the economic advancement of the whole region."

"The bilateral relations entered the best era for development which was bound to be beneficial to the development of the region and the whole world," Mrs. Arroyo said.

The Philippine participation in the expo was organized by the Center for International Trade Expositions and Missions (CITEM), an attached agency of the Department of Trade and Industry in cooperation with the DOT. CITEM is the export arm of the DTI.