PRESIDENT Rodrigo Duterte arrived Friday night via the Davao International Airport from his state visit to People’s Republic of China, bringing with him positive results of the bilateral talks with Chinese leader President Xi Jinping.
The Philippines is poised to reap $24 billion of investments and credit facilities from the four-day state visit of President Rodrigo Duterte to China, Trade Secretary Ramon Lopez said Friday.
“The new number that we have, in terms of investments and credit facilities opened, is $24 billion–$15 billion of that are investments and $9 billion will be in the form of credit facilities,” he told reporters in a chance interview in this city.
“The private-to-private [deals] is $15 billion. And about $4 billion are MOUs [memoranda of understanding] to be signed later today,” he said Friday.
The investments and credit facilities cover a number of sectors including agriculture, energy, renewable, tourism, food, manufacturing, telecommunications, and infrastructure, Lopez noted.
These would translate to an estimate two million jobs over five years, he said.
The Bank of China is also expected to provide $3 billion in loans for businesses including micro, small, medium enterprises.
The President visited China capital Beijing at the invitation of Mr. Xi from October 18 to 21. The leaders had a fruitful meeting, with in-depth exchanges on bilateral relations, and international and regional issues of shared interest.
Mr. Duterte also met with Chinese leaders during the opening ceremony of Philippines-China Economic and Investment Forum.
In a 45-point joint statement released to the members of the media, Mr. Duterte and Mr. Xi highlighted the importance of bilateral relations between the Philippines and China anchored on the centuries-old bonds of friendship of the two peoples.
The two leaders also committed to further enrich Philippines-China bilateral relations, founded on mutual respect, sincerity, equality and mutual benefit, which is conducive to regional peace, stability and prosperity.
Among the highlights of the joint statement between Duterte and Xi are the reaffirmation of the principles contained in the Philippines-China Joint Communiqué of 1975 and other documents that include the principle of the peaceful settlement of all disputes and the Philippines’ adherence to the One-China Policy and affirmed their partnership and their common aspiration to achieve sustainable development and inclusive growth that will benefit the peoples of both countries.
The visit of Duterte was seen as a milestone that will infuse new energy to bring tangible benefits to the peoples of the Philippines and China with a commitment that they will work together to pursue the sound and stable development of the strategic and cooperative relationship for peace and development.
They also agreed to maintain high-level exchanges in promoting the all-around development of bilateral relations; finalize agreements and memorandum of understanding in areas of education finance, customs and sports; affirm the importance of existing Philippines-China bilateral dialogue mechanisms in enhancing understanding, broadening cooperation and striving for a stronger relationship.
They also agreed to resume the foreign ministry consultations, consular consultations, joint commission on economic and trade cooperation, annual defense security talks, joint committee on agriculture, joint committee on science and technology, and other bilateral dialogue mechanisms; and encourage visits of high-ranking governmental delegations and leaders.
Duterte also welcomed the proposal of China to open a consulate-general of the People’s Republic of China in Davao committing to proper arrangements for the diplomatic premises in both countries will be made in the spirit of the 1975 Joint Communiqué, on the basis of international practice and reciprocity, with priority for the most immediate concerns.
There were also commitments of cooperation in the areas of combating transnational crimes, telecommunications fraud, on-line fraud, cybercrimes, drug trafficking, trafficking in persons, wildlife trafficking, opposing violent extremism and terrorism in all forms and illicit drugs.
Both leaders also vowed to enhance cooperation between their respective Coast Guards, to address maritime emergency incidents, as well as humanitarian and environmental concerns in the South China Sea, such as safety of lives and property at sea and the protection and preservation of the marine environment, in accordance with universally recognized principles of international law including the 1982 Unclos; implement the Philippines-China MOU on Defense Cooperation, through exchanges and cooperation in areas of humanitarian assistance and disaster alleviation and peacekeeping operations.
On the South China Sea issue, both sides affirm that contentious issues are not the sum total of the Philippines-China bilateral relationship. They highlighted the importance of handling the disputes in the South China Sea in an appropriate manner and reaffirmed efforts to maintain and promote peace and stability, freedom of navigation in and over-flight above the South China Sea, addressing their territorial and jurisdictional disputes by peaceful means, without resorting to the threat or use of force, through friendly consultations and negotiations by sovereign states directly concerned, in accordance with universally recognized principles of international law, including the Charter of the United Nations and the 1982 Unclos.
The visit of Duterte was capped with the signing of several agreements, including:
1. Agreement on Economic and Technical Cooperation between the Government of the Republic of the Philippines and the Government of the People’s Republic of China
2. Memorandum of Understanding between the National Economic and Development Authority of the Republic of the Philippines and the National Development and Reform Commission of the People’s Republic of China for Developing Cooperation on Production Capacity and Investment
3. Memorandum of Understanding between the Department of Transportation and the Department of Public Works and Highways of the Republic of the Philippines and the National Development and Reform Commission of the People’s Republic of China on Transportation Infrastructure Cooperation Project List
4. Memorandum of Understanding between the Department of Trade and Industry of the Republic of the Philippines and the Ministry of Commerce of the Government of the People’s Republic of China on Strengthening Bilateral Trade, Investment and Economic Cooperation
5. Memorandum of Understanding between the National Economic and Development Authority of the Republic of the Philippines and the Ministry of Commerce of the People’s Republic of China on Formulation of the Development Program for Economic Cooperation
6. Memorandum of Understanding between the Department of Finance of the Republic of the Philippines and the Ministry of Commerce of the People’s Republic of China on Supporting the Conduct of Feasibility Studies for Major Projects
7. Action Plan on Agricultural Cooperation between the Department of Agriculture of the Republic of the Philippines and the Ministry of Agriculture of the People’s Republic of China 2017-2019
8. Memorandum of Agreement between the State Council Information Office of the People’s Republic of China and the Presidential Communications Operations Office of the Government of the Republic of the Philippines on News and Information Exchange, Training and for other Purposes
9. Memorandum of Understanding between the Department of Agriculture of the Republic of the Philippines and the General Administration of Quality Supervision Inspection and Quarantine of the People’s Republic of China on Cooperation of Animal and Plant Inspection and Quarantine
10. Memorandum of Understanding between the Philippine Coast Guard and the China Coast Guard on the Establishment of a Joint Coast Guard Committee on Maritime Cooperation
11. Implementation Program of the Memorandum of Understanding on Tourism Cooperation between the Department of Tourism of the Republic of the Philippines and the National Tourism Administration of the People’s Republic of China 2017-2022 and;
Protocol on Cooperation between the Philippines Drug Enforcement Agency and the Narcotics Control Bureau of the Ministry of Public Security of the People’s Republic of China and Memorandum of Understanding on Financing Cooperation between the Export-Import Bank of China and the Government of the Republic of the Philippines, represented by the Department of Finance.
