Metro Manila (CNN Philippines) — About $13.5 billion worth of investments have so far been agreed between Philippine and Chinese companies, a trade official has confirmed.
The number will likely go up further as business meetings continue until Friday in Beijing.
As of Thursday, Philippine and Chinese businesses closed various deals worth about P650 billion, Trade Undersecretary Nora Terrado said in a text message. The new projects will create more than two million jobs for Filipinos over the next five years.
One of the major deals will be signed between Ayala-run Globe Telecom, Inc. and Chinese firms Huawei Technologies Co. Ltd., Wuhan FiberHome International Technologies Ltd., Co. and Nokia Shanghai Bell.
According to documents seen by CNN Philippines, the telco giants will modernize the country’s fixed-line network. This is expected to strengthen the backbone for high-speed internet, improve connections across Luzon, the Visayas and Mindanao, and extend the infrastructure to rural areas.
President Rodrigo Duterte and his 400-strong delegation of business leaders are wrapping up their visit, but that doesn’t mean the frenzy of business activity will die down on the last day.
The government is still scheduled to meet with the State Grid Corp. of China, China Railway Construction Corp., China CAMC Engineering Co. Ltd., and Huawei on Friday.
This could likely mean more deals in the areas of telco, energy, rail, and infrastructure.
The delegation will then sign all agreements with their Chinese counterparts on Friday, announcing the final value of the public and private investments they are bringing home from the trip.
