Philippines unveils investment shopping list for China

Philippines unveils investment shopping list for China

As part of China’s efforts to support infrastructure development in ASEAN as part of the Silk Road initiative, the Philippines and China agreed on USD15 billion in capital investment on infrastructure and USD9 billion in credit at the end of October.

The agreement, made during Philippines President Duarte state visit to China, follows the visit of President Li Xi Ping to Cambodia two weeks earlier where MoUs on 17 construction and infrastructure related projects were signed. 

 Relations between China and the Philippines have been strained recently over issues related to sovereignty in the South China Sea, and this package of development aid is widely seen to be a move by China to improve political and economic relations between the two nations.

 Philippine trade secretary Ramon Lopez sent a list to journalists detailing the projects which would be included in the USD15 billion package. 

 They included the following 25 construction and civil engineering schemes:

 1. A railway line between the former US airforce base at Clark and the former US naval base at Subic, now the Subic Bay Freeport Zone The work will be undertaken by the Bases Conversion and Development Authority (BCDA) and China Harbour Engineering.

 2. A rapid transit bus link between Bonifacio Global City and Ninoy Aquino International Airport. This will be implemented by the BCDA and China Road and Bridge Corp.

 3. Safe and smart city projects for BCDA by BCDA and Huawei Technologies.

 4. Transportation and logistics infrastructure at Sangley Point, another former US naval base, by Cavitex Holdings, International Container Terminal Services and China Harbour Engineering. Similar projects include a port development at Davao City on the island of Mindanao in the south of the archipelago, undertaken by Mega Harbour Port and China Harbour Engineering, and the Cebu bulk terminal project, also by Mega Harbour Port, this time in conjunction with the CCCC Dredging Company.

 5. The formation of a joint venture between Jimei Group of China and Manila-based Expedition Construction Corporation. The new entity will develop infrastructure projects.

 6. A number of renewable energy projects, including the 300MW Pulangi-5 Hydro Project by Greenergy and Power China Guizhou Engineering and North Negros and South Negros biomass projects, to be built by North Negros Biopower and Wuxi Huaguang Electric Power Engineering.

 7. Chinese hospitality company Jinjiang International will double it rooms from 1,000 to 2,000, in alliance with Double Dragon Properties and Hotel of Asia.

 8. Several industrial projects including a new generation steel plant by Mannage Resources and SIIC Shanghai International Trade, a cable factory by MVP Global Infrastructure Group and Suli Group and a bus manufacturing facility by Zhuhai Bus and Coach.

 9. Flood management projects, including bridge construction projects over the Pasig River, Marikina River and the Manggahan Floodway in Manila. These will be undertaken by Zonar Construct and SinoHydro.

 These investment agreements are expected to generate 2 million jobs over the next five years.

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