The Philippines and China signed six investment projects including a $550-million hydropower project during the Guangxi-Philippines Business Matching Seminar for Entrepreneurs Wednesday in Makati City.
The seminar, hosted by the Philippine Chamber of Commerce and Industry and the Trade Department, served as a venue for more bilateral agreements between the Philippines and China.
“There will be more agreements aside from the six projects signed earlier. We don’t have the total estimated amount yet, but not everything can be quantified in terms of peso and sales,” said PCCI chairman emeritus Francis Chua.
The projects include a logistics agreement, where both China and the Philippines agreed to undertake network nodes building and freight routes.
It also involves an agreement with the private sector for the export of laterite nickel ore to China by Carrascal Nickel Corp. via the Guangxi Beibu Gulf Port Group Co. Ltd.
The Philippine company will supply no less than 1.5 million tons of laterite nickel ore to subordinate companies designated by the Port Group.
The $550-million power project signed between China Energy Engineering Group Guangxi Hydroelectric Construction Bureau Co. Ltd. and Philippine energy company Coheco Badeo will push for the creation of a 500-megawatt pumped storage hydropower project in Kibungan City, Benguet.
Also signed were agreements on direct charter flights between Nanning, China and Manila and a framework for strategic cooperation in tourism signed between JTLC Group Company and Guangxi Tourism Development Group Co. Ltd.
Chinese investments into the Philippines will allow the Chinese investors to maximize the country’s strengths in trading with the rest of the world.
Secretary of Communist Party of Guangxi Zhuang Autonomous Region Committee Peng Qinghua said China and the Philippines were friendly neighbors separated only by a strip of water, and the friendly exchanges between the two countries led to the communication and cooperation in all fields between Guangxi and the Philippines.
Nanning, the capital city of Guangxi, twinned with Davao of the Philippines as sister cities in 2016.