19 business deals signed during Duterte's trip to China

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FILE PHOTO

Metro Manila (CNN Philippines, April 26) — President Rodrigo Duterte witnessed the signing of several business agreements with China during his latest trip to China.

Duterte and several government officials are currently attending the Belt and Road Forum in Beijing, where 19 deals were signed between the Philippine and China business delegations.

"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 Department of Trade and Industry said in a statement Friday.

The DTI expects the agreements to bring in $12.165 billion in investments and trade, and create approximately 21,165 jobs.

The deals are the following:

Energy

- a contract agreement for the 250MW South Pulangi Hydroelectric Power Plant Project in Damulog, Bukidnon (Pulangi Hydro Power Corporation, China Energy Co Ltd)

- framework agreement for thermal, hydro and renewable power plants (Tranzen Group, China Power Investment Holding)

- MOU on a $1.5 billion petrochemical refinery processing plant complex in the Tubalan Cove Business and Industrial Park (local government of Davao Occidental, Fengyuan Holdings)

- MOU for a $40 million collaboration to promote indigenous, new, and renewable energy resources (Department of Energy, Shanghai Electric Group Co Ltd, Deluxe Family Co Ltd)

Infrastructure

- MOU on the construction for the Manila Light Rail Transit, housing, and roads in North Luzon, for a total value of $4 billion (Tranzen Group, China Harbour Engineering Company Ltd)

Telecommunications

- MOU for a $500 million project on the construction of infrastructure for nationwide Wi-Fi connectivity (Tranzen Group, CITIC Guoan Information Technology)

Agriculture

- Purchase framework agreement to supply China with $40 million worth of pineapples (Philpack Corporation, Goodfarmer Foods Holding Group)

- Purchase framework agreement to supply China with $36.5 million worth of green coconuts (Eng Seng Food Products, China Artex Corporation)

Economic Zone and Industrial Park Development

- six MOUs on the development of the Cagayan Economic Zone Authority

- framework agreement worth approximately $1.5 billion to construct and develop the Yatai Industrial Park (local government of Pampanga, Macrolink Group)

- framework agreement worth approximately $298 million to develop the Grande and Chiquita Islands under the Subic Bay Metropolitan Authority (GFTG Property Holdings, Sanya CEDF Sino-Philippine Investment Corporation)

Mining

- MOU to construct a $50 million iron processing plant in Agusan Del Norte (Adnama Mining Resource, Inc., Fu Properties Inc, Xiamen C&D Incorporation)

The Tranzen group, which signed several deals in energy, infrastructure and telecommunications, is led by mining mogul Salvador Zamora II.

President Rodrigo Duterte and his delegation are slated to return to the Philippines late Saturday evening.