Chinese Vice Premier to sign deals with PHL gov’t

Chinese Vice Premier Wang Yang is set to visit Manila mid-March to sign agreements with the Philippine government following recent trade and investment missions from China. (Photo by U.S. Department of State from United States – Vice President Biden, Deputy Secretary Burns, Secretary Lew, Chinese State Councilor Yang, and Chinese Vice Premier Wang Pose for a PhotoUploaded by ASDFGH, Public Domain,)

MANILA—Chinese Vice Premier Wang Yang is set to visit Manila mid-March to sign agreements with the Philippine government following recent trade and investment missions from China.

Department of Trade and Industry (DTI) Secretary Ramon Lopez told reporters that among the deals that will be signed here by Vice Premier Wang are the USD1.0-million donation of the Chinese government for rehabilitation projects in earthquake-hit Surigao; the USD1.0-billion purchase agreement for agricultural products; the USD10-billion business projects of Chinese investors in the Philippines; and the Six-Year Development Program for Economic and Trade Cooperation (SYDP).

Lopez said Chinese Minister of Commerce Zhong Shan mentioned during the 28th Joint Commission on Economic and Trade Cooperation (JCETC) that China will be donating USD1.0 million for rehabilitation projects in Surigao.

Last Feb. 10, Surigao was hit by a 6.7-magnitude earthquake, with cost of damage to infrastructure estimated at PHP720 million.

Moreover, China eyes to import from the Philippines products such as durian, avocado, banana, pineapple, coconut, mango, dragon fruit, mangosteen, marang, rice, coffee, cacao, fisheries, chicken, and duck meat under the USD1.0-billion agricultural products purchase deal.

On the other hand, the USD10-billion business deals involve five Chinese firms that presented their letters of intent to the Board of Investments (BOI) to establish their businesses in the country.

These Chinese companies are the Aviation Industry Corp. of the China International Aero-Development Corp., Liaoning Bora Enterprise Group Co. Ltd., Huili Investment Fund Management Co. Ltd., Dalian Wanyang Heavy Industries Co. Ltd., and YiDingTai International.

The SYDP is the overall framework for the economic cooperation between the Philippines and China under the current administration.

Lopez noted that the developments in the economic cooperation with China is an offshoot of President Rodrigo Duterte’s state visit to Beijing in October last year.