Department of Trade and Industry (DTI) announced the US$12.165 billion in investments that the Philippine business delegation bagged at the sidelines of the 2nd Belt and Road Forum in China.
According to the DTI’s press release, President Rodrigo Duterte witnessed the exchange of 19 signed business agreements with Chinese firms which is projected to create additional 21,165 jobs.
The statement said that Philippine business delegation and their Chinese counterparts signed one (1) contract agreement, three (3) cooperation agreements, two (2) purchase framework agreements, and 13 Memoranda of Agreement (MOA) or Understanding (MOU).
DTI Secretary Ramon Lopez reported that majority of these projects are on energy, infrastructure, food, telecommunications, sale of agricultural products, tourism and economic zone and industrial park development.
â€œThe Duterte administration is pushing for investments on energy and manufacturing for the Philippines to broaden its manufacturing base and increase its exports. Among the agreements are energy projects that will help the country decrease its dependence on oil and gas imports. There will also be several industrial parks to bring jobs to Filipinos in the countryside ,â€ Lopez said.
Meanwhile, AAC Technologies also expressed intent to expand its current operations in PH during a courtesy call with Sec. Lopez wherein the company plans to invest US$ 30 million to engage in stepper motor and motor reducer manufacturing and create about 3,000 jobs in the next three years.