The Philippines secured $9.8 billion worth of investment plans from Chinese companies in construction, electronics, agriculture, tourism and pharmaceutical sectors, the Trade Department said Wednesday.
These investment commitments are expected to generate 10,800 jobs in the country, according to Trade Secretary Ramon Lopez.
“As one of the world’s top investment destinations, the Philippines enjoys the confidence of foreign direct investors. And due to our enhanced bilateral and trade relations with China, Chinese companies have increasingly expressed interest in investing in our country,” said Lopez who accompanied President Rodrigo Duterte during another state visit to China.
Both countries witnessed the signing of nine letters of intent from Shanghai GeoHarbour Group, Jovo Group Co. Ltd. Guangdong, Zhongfa Group, Haocheng Group, China Green Agriculture Group, East-Cloud Biz Travel Ltd., China National Heavy Machinery Corp., Sino BMG, Shanghai Shinehigh Biotechnology Ltd. Co. and Zhejiang Dongyang Jinxin Chemical Co. Ltd.
The signings were held at the sidelines of Boao Forum 2018 held in Boao, China on April 10.
Approved investments from China grew by 53.61 percent from P1.52 billion in 2016 to P2.33 billion in 2017.
Manufacturing, electricity, service and finance were among the industries that contributed to the rise of Chinese investments into the Philippines last year.