Philippine News Agency
Chinese biz deals to generate jobs; allow transfer of technology
President Ferdinand R. Marcos Jr. secured USD22.8 billion in investment pledges from Chinese companies during his state visit to China from January 3 to 5.
The pledges include USD13.76 billion for renewable energy projects, USD7.32 billion for strategic manufacturing (electric vehicles and mineral processing), and USD1.72 billion for agribusiness.
Agreements in agribusiness include the signing of a protocol for Philippine durian exports to China and investments in coconut and food processing.
President Marcos highlighted that these investments are expected to generate thousands of jobs, with some already beginning construction or opening offices.
He also noted that the investments would facilitate the transfer of technology and capacity building for future employees.
Marcos encouraged further investment in renewable energy, citing the growing power demand and the potential for offshore wind projects in the Philippines.
He also invited Chinese businesses to explore opportunities in waste-to-energy projects and the country's electric vehicle industry.
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Chinese firms committed approximately $13.76 billion in investment pledges for the Philippines' renewable energy sector during President Ferdinand Marcos Jr.'s state visit to China.
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The Department of Trade and Industry (DTI) Secretary Alfredo Pascual anticipates that President Ferdinand R. Marcos Jr.'s recent state visit to China will attract more Chinese investors, leading to increased job creation, enhanced foreign exchange earnings, and potentially lower agricultural costs for the Philippines.
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President Ferdinand Marcos Jr. made his first bilateral visit to China to strengthen economic ties and cooperation, aiming to discuss political-security issues and the West Philippine Sea.
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The Philippines and China signed 14 bilateral agreements during President Ferdinand Marcos Jr.'s state visit to China, covering areas such as agriculture, infrastructure, tourism, and trade.
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President Ferdinand "Bongbong" Marcos Jr. invited Chinese President Xi Jinping to the Philippines following his state visit to China.
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