PH, China to team up for 30 projects worth $3.7B

BEIJING - China and the Philippines have agreed to team up on 30 projects worth $3.7 billion focusing on poverty reduction, the two countries said after a meeting in Beijing on Monday.

Chinese Commerce Minister Gao Hucheng announced the “initial batch” of the deals without giving details. He said that it still needed to be finalized and paperwork are still to be processed.

The deal is the first announcement from a two-day visit by a Philippine cabinet delegation to China that comes three months after President Rodrigo Duterte visited Beijing to pave the way for new commercial alliances.

China has welcomed Duterte’s foreign policy shift away from traditional ally the United States and towards doing more regional deals for loans and business under his “pro-Filipino” policy.

In October, China pledged $15 billion of investment to the Philippines during Duterte’s visit to the aforementioned country.

Asked whether US President Donald Trump’s economic policies would affect commercial ties between China and the Philippines, Dominguez said: “It’s better to be with good friends.”

The Philippine delegation is due to meet Vice Premier Wang Yang at Zhongnanhai, the Beijing complex that houses China’s central government, later on Monday.

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Source: Philippine Daily Inquirer

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Malaya Business Insight