PHILIPPINE President Rodrigo Duterte on Friday brought home from China an estimated $24 billion in investment and loan pledges.
According to Malacanang, these include at least $5.5-billion for transportation and infrastructure, $1 billion for a hydroelectric power plant, $700 million for a steel plant, and $780 million for a port development project in Davao City that are expected to generate 2.6 million jobs.
Duterte met with Chinese President Xi Jinping on Thursday in Beijing and said relations that have been strained by disputes in the South China Sea have entered “springtime.”
At the same time during the same meeting, Pres. Duterte also announced a “separation” between the Philippines and the United States which immediately earned a “cautionary reminder” from four Liberal Party lawmakers — Sen. Leila De Lima, Franklin Drilon, Benigno Aquino IV and Franciso Pangilinan.
The four lawmakers, who are very close to the previous pro-American administration of Pres. Benigno Simeon Aquino III, reminded Pres. Duterte that the Senate shares the power to affirm or revoke treaties.
Aside from the trade deals, China also lifted its adverse Philippine travel advisory to its citizens, lifted restrictions on Philippine exports imposed during the previous Aquino administration and agreed to restore diplomatic and defense dialogue.
The following are the agreements signed by Pres. Duterte before returning to Davao City late Friday:
— Memorandum of Understanding (MOU) worth $3 billion between MVP Global Infrastructure group and Suli Group Ltd. to build cabling manufacturing facilities
— MOU worth $2.5 billion between China Railway Engineering Corp. (CREC) and MVP Global Infrastructure group
— MOA between Greenergy Development Corp. and Power China Guizhou Engineering Corp. for the development of the 300MW Pulangui-5 Hydro Project worth $1 billion
— Agreement between Zonar Systems and Power China Sino Hydro for a nationwide island provinces link bridges for sustained development worth $800 million
— MOU between Mega Harbour Port and Development, Inc. and China Harbour Engineerig Co. Ltd. (CHEC) for the Davao coastline port development project worth $780 million
— Memorandum of agreement between Global Ferronickel, Inc. and Baiyin International Investment Ltd. for a $500 million to $700 million steel plant
— MOU between Sino Hydro and Zonar Construct on the Pasig River Marikina River Manggahan Floowdway bridges construction projects worth $600 million
— MOU between Mega Harbour Port and Development Inc. and CCCC Dredging Company (CDC) for the Cebu International and Bulk Terminal Project worth $328 million
— Agreement between One White Beach Land Development Corp. and Sino Hydro for the Ambal Simuay Sub-river Basin of the Mindanao river basin flood control project worth $325 million
— Letter of investment between Zhuhai Granton Bus and Coach Company for a $300-million manufacturing facility
— Strategic cooperation agreement between Manage Resources Trading Corporation and SIIC Shanghai International Trade Hong Kong for a $200 million steel manufacturing plant
— Cooperation agreement between SL Agritech Group and Jiangsu Hongqi Seed Co. Ltd. worth $160 million to produce hybrid rice for two million hectares of rice fields
— MOU between R-II Builders, Inc. and China Harbour Engineering Co. Ltd (CHEC) for the $148-million Manila Harbour Center Reclamation Project
— MOU between Philippine State Group of Companies, Yangtse Motor Group Ltd. and Minmetals International (HK) Ltd. for the $100-million EDSA bus program
— MOU for joint development projects worth $100 million in renewable energy, major infrastructure and real estate between Colombus Capitana and China CAMCE Engineering Co. Ltd.
— MOU between AVLP Asia Pacific Conglomerate, Inc. and the Shanghai Xinwo Agriculture Development Co. Ltd for a $100-million for a banana plantation project
— MOU between TBEA Xinjing Sunoasis Co. Ltd, Trademaster Resources Corp. and Servequest Inc. for renewable energy.