Business and Economy
More than 20 Chinese firms to sign purchase deals with PHL this week
More than 20 Chinese state-owned corporations will be arriving here to sign deals on Wednesday, said International Chamber of Commerce (ICC) Philippines Founder Francis Chua. (Photo by RamirBorja at English Wikipedia [CC BY-SA 2.5)
Chua said over USD 1.0 billion worth of purchase agreement will be signed between China and the Philippines this week as part of the two countries’ commitment to strengthen economic ties.
The signing of agreement will be witnessed by officials from Department of Trade and Industry (DTI), Philippine Chamber of Commerce and Industry (PCCI), Ministry of Commerce (MOFCOM) Foreign Trade Deputy Director General Liu Changyu, and Chinese Commercial Counsellor Jin Yuan.
Chua said that about 100 to 120 Chinese and Filipino business executives would have networking and discussions on Wednesday to explore possible business partnership.
Moreover, Vice Premier Wang Yang will also arrive in the country this week – the highest Chinese official visiting the Philippines since the Duterte administration started.
Prior to the visit of Wang and Chinese business delegation, the Philippines welcomed last week the new Chinese Minister of Commerce Zhong Shan as Beijing and Manila revived the Joint Commission on Economic and Trade Cooperation (JCETC).
The 28th JCETC last week resulted in funding agreement from China for infrastructure projects in the country as well as supporting various sectors, particularly agriculture.
Last month, five Chinese firms presented their letters of intent to the Board of Investments, with investment projects worth more than USD 10 billion.
