PH, China ink ₱508 billion worth of investment pledges

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President Rodrigo Duterte shakes hands with Chinese President Xi Jinping during the signing of bilateral agreements and letters of intent in China Tuesday.

Metro Manila (CNN Philippines, April 10) — President Rodrigo Duterte witnessed the signing of several business agreements with Chinese firms wanting to invest $9.8 billion (₱508.6 billion) in the country.

The letters of intent (LOI) , according to Trade Secretary Ramon Lopez, may generate as much as 10,800 jobs.

The LOIs were signed Tuesday covering agriculture, technology, pharmaceuticals, land development, and infrastructure among others.

Department of Trade and Industry (DTI) Undersecretary Rowel Barba signed the LOIs on behalf of the country with representatives from the following companies:

Shanghai GeoHarbour Construction Group Ltd.

Jovo Group Co. Ltd. Guangdong

Zhongfa Group

Haocheng Group

China Green Agriculture Group

East-Cloud Biz Travel Ltd.

China National Heavy Machinery Corporation

Shanghai Shinehigh Biotechnology Ltd. Co. and Zheijiang Dongyang Jinxin Chemical Co. Ltd.

Sino BMG

In a speech after the signing, the President said he was happy about the signing of Memorandums of Understanding and LOIs and welcomed "the growing partnership between the Philippines and China."

"I hope for a more robust and healthy balance of trade in the coming years as the Philippines and China continue to enhance and increase trade links," he added.

Duterte also acknowledged the job opportunities that will come from Chinese investments as these will promote inclusive growth and encourage entrepreneurship among Filipinos.

The President was in China to attend the Boao Forum for Asia in Hainan.

*US$1 = P51.89