PH, Chinese companies sign multi-billion worth of projects

MANILA President Rodrigo R. Duterte on Tuesday witnessed the signing ceremony of several business letters of intent (LOIs) involving Chinese companies in Hainan, China.

In his speech, Duterte thanked the Chinese firms for bringing more investments that would provide additional job opportunities now and the years to come in the Philippines.

I expressed happiness at the signing of MOUs and LOIs between the Philippines and Chinese companies and to welcome the growing partnership between the Philippines and China, Duterte said.

The Chinese companies are Shanghai GeoHarbour Group, Jovo Group Co. Ltd., Zongfa Group, Hoacheng Group, China Green Agriculture Group, East-Cloud Biz Travel Ltd., China National Heavy Machinery Corp., Shanghai Shinehigh Biotechnology Ltd. and Zheijiang Dongyang Jinxin Chemical Corp., and Sino Building Material Groups.

The Philippines welcomes responsible foreign investors as new partners in building the Philippine economy, the President said.

I thank the attendees for the greater part of the Philippine growth story as the government pushes to create inclusive growth and shared prosperity, he added.

Duterte said the growing trade and investments reflect the vigorous momentum of Philippines-China relations, which improved a lot under his watch.

I hope for more robust and healthy balance of trade in the coming years as the Philippines and China continue to enhance an increased trade links, he said.

He reiterated the importance of further developing the economic cooperation between the two countries - with the Philippines focusing on agriculture, fishery, infra and public works, energy, trade as well as e-commerce, industrial park development, MSMEs, processing, manufacturing and tourism.

The President made an assurance that his government will continue the efforts to improve the climate of doing business in the Philippines by addressing corruption.

I stressed the Philippine government's commitment in bringing governance and maintaining order to ensure an enabling environment which allow business and investments to thrive and prosper, Duterte said.

I emphasized the Philippines' commitment to address corruption that corruption will not be tolerated under my watch, he added.

The signing of the memorandum of agreements (MOUs) and LOIs took place after the President delivered remarks at the Boao Forum for Asia. (PNA)

Source: Philippine News Agency

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