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While in China, Duterte rakes in ₱650 billion in investments so far

More than 400 businessmen are now in China joining President Duterte's state visit there. It is the largest business delegation yet, and so far, they've raked in about ₱650 billion in investments. -CNN Philipines

The president just gave a very important speech. The cabinet will move strongly and swiftly towards regional economic integration. This is why the president prioritized foreign trips to ASEAN and Asia. As a result, The Philippines has now opened its opportunities for trade and investment to a market of 1.8 billion people across the region.

ASEAN economies have expressed interest in integration. China has committed to open its capital markets. We will maintain relations with the west but we desire stronger integration with our neighbors. We share the culture and a better understanding with our region. This regional integration is similar to what has been done in the EU and NAFTA in North America and mercosur in South America.

The Philippines is integrating with ASEAN China, Japan and South Korea. In a way, Asian economic integration is long overdue compared with the regional economic integrations.

Duterte China- Raelyn Luchansky
Photo from Malacanang. PTPA Raelyn Luchansky
  • MOU on Production Capacity and Investment Cooperation and the Agreement on Economic and Technological Cooperation between the Government of China and the Philippines
  • MOU on Strengthening Trade, Investment and Economic Cooperation, the MOU on Drafting China-Philippines Economic Cooperation Development Plans and the Tourism MOU Implementation Plan 2017-2022
  • MOU on the Lists of Transportation and Infrastructure Cooperation Projects and the MOU on Financing Cooperation between the China’s EXIMBANK (Export-Import Bank of China) and the Department of the Treasury of the Philippines
  • Agricultural Cooperation Action Plan 2017-2019 and the Protocol on Cooperation between PDEA of the Philippines and the Narcotics Control Bureau of the Ministry of Public Security of China
  • MOU on the Establishment of a Joint Coastal Guard Committee on Maritime Cooperation and the MOU on Supporting Conduct of Feasibility Studies for Major Projects
  • MOU on News Information Exchange Training and for Other Purposes
  • MOU on Cooperation on Animal and Plant Inspection and Quarantine

Chinese President Xi Jin-ping today committed over $9billion concessionary loan or soft loan to the Philippines for development projects, including drug rehabilitation programs, as part of mutual efforts to sustain the momentum of enhanced bilateral ties.

The offer was made during the meeting between President Xi and Philippine President Rodrigo Duterte on Thursday, October 20. Duterte is on a four-day state visit to China starting Tuesday, October 18 in an effort to repair strained ties between the two countries as a result of a territorial dispute in the South China Sea. Of the over $9billion loan offer from China, $3 billion will come in the form of credit from private banks.

Meanwhile, a total of 100 renminbi or $15 million will be earmarked for drug rehabilitation programs amid President Duterte's relentless war on illegal drugs.

Duterte has said the Philippines has an enormous drug problem with an estimated 3 million Filipinos hooked on illicit drugs, mainly crystal meth, locally known as "shabu", smuggled into the country from China or manufactured locally in makeshift laboratories. President Xi emphasized the importance of friendly dialogue and cooperation between the two countries. He said consensus-building is vital for bilateral relations to move forward amid differences, adding that China is committed to these principles as shown by its efforts to strengthen bilateral ties in the past 41 years.

Duterte's state visit is expected to result in other government-to-government agreements as well as private business deals between Chinese and Filipino firms amounting to billions of dollars.

President Xi Jinping has announced that China will lift the travel advisories issued a few years ago to Chinese citizens traveling to the Philippines. And this lift will encourage more Chinese citizens to travel in the Philippines.

While in China, Duterte rakes in ₱650 billion in investments so far While in China, Duterte rakes in ₱650 billion in investments so far Reviewed by Raelyn Luchansky on 9:22:00 AM Rating: 5

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