Duterte Brings Home $9B New Investments from China Trip

The economic cooperation between China and the Philippines is bringing more fruits as president Rodrigo Duterte’s recent visit in China as the said trip brought in about $9 billion in new investments that would generate at least 10,000 jobs.

PH President Duterte with China President Xi Jinping

In his speech upon arriving in Davao City following a four-day trip to China and Hong Kong, Duterte said that he emphasized on the trip the Philippines’ bid to generate more investments into the country.

“I stressed our emphasis on infrastructure, innovation and interconnectivity to drive domestic growth. Most importantly, we received support for the Philippines’ plans for inclusive growth and sustainable development,” the President said.

The President went to China’s Hainan province to attend the Boao Forum for Asia, and visited Hong Kong to meet Filipino workers.

More Investments

Aside from this, China and the Philippines has also sealed a memorandum of understanding which will result on the employment of 2,000 Filipino English-language teachers.

China also gave a 500-million renminbi, or PhP 4-billion grant to the Philippines which he would suggest the Congress to use to build and rehabilitate hospitals in Mindanao.

While territorial dispute in the South China Sea was not discussed, Duterte said that he and Chinese President Xi Jinping will have another bilateral meeting to reaffirm commitments on strengthening relations between countries.

“We both underscored the need for futher intensified cooperation, trade and investments, tourism, agriculture, defense, science and technology and energy, among other things,” Duterte mentioned. “The Philippines will continue to seek the expansion of areas for mutually beneficial collaboration consistent with our laws.”

Duterte said that his recent visit in China is not the right time to discuss the South China Sea dispute, saying that doing so might affect the trip’s main purpose.