Chinese businessmen...

ventures, including a $3.46-billion land reclamation and development project by Shanghai GeoHarbour Group in Laguna de Bay area, could generate around 10,000 jobs for Filipinos, according to Trade Undersecretary Rowel Barba.

The President, in his remarks, thanked the Chinese businessmen for their investment proposals and promised to promote a business-friendly environment, including zero tolerance for corruption.

“Allow me to say that the growing trade and investments reflect the vigorous momentum of the Philippine-China relations and highlighting the Chinese position as our largest trading partner and our largest export market, together with Hong Kong,” he said.

“I hope for a more robust and healthy balance of trade in the coming years as the Philippines and China continue to enhance and increase trade links,” he added.

Other Chinese investment proposals presented to the President are:

1. $2.5 billion project from Jovo Group Co. Ltd. Guangdong to build and operate liquefied natural gas receiving terminal covering an area of around 50 hectares;

2. $1 billion project from Zhongfa Group to develop large tourism projects and electronic industry parks, and establish a Philippine-China Trade and Investment Strategic Center to promote bilateral trade and investment;

3. $1 billion from Haocheng Group to build infrastructure and construction projects and thermal power supply;

4. $500 million from Green Agriculture Group to establish opportunities in agriculture and tourism in cooperation with local partner Calata Corp.;

5. $500 million from East Cloud Biz Travel Ltd. to promote tourism sector opportunities;

6. $450 million from China National Heavy Machinery Corp. to develop a China-Philippine International Techno-Industrial Zone;

7. $30 million from Shanghai Shinehigh Biotechnology Ltd. Co. and Zhejiang Dongyang Jinxin Chemical Co. Ltd. to establish a pharmaceutical factory processing plant;

8. $10 million from Sino BMG to establish an aerated concrete block production line.

The President said he looks forward to the job opportunities that will be created by Chinese investments now and in the years to come. He said these would help promote inclusive growth and encourage entrepreneurship among the Filipinos.

“I reiterate the importance of further developing our economic cooperation with China with the Philippines focusing on agriculture, fisheries, infrastructure and public works, energy, trade, as well as e-commerce, industrial park development, MSMEs, processing, manufacturing and tourism,” he said.

The President also renewed his government’s resolve to bring good governance and keep order to allow businesses and investments to prosper. Among these efforts, he said, are improving the business climate and promoting ease of doing business.

He also reiterated his commitment to address corruption, saying “corruption will not be tolerated under my watch.”

“I thank the attendees for the greater part of the Philippine growth story as the government pushes to create inclusive growth and shared prosperity,” he added.

Earlier, Barba said the Chinese businessmen were interested to invest in the country due to the confidence in the domestic economy.

“They are confident in the growth story of the Philippines, that such 6.7 percent growth will continue, and is not just a fluke,” Barba said during an interview with reporters.

“They are interested to further the bilateral relations between the Philippines and China and hopefully, other businessmen will follow in the next months, and not just them. Hopefully, they can begin the investments within the year,” he added.

He acknowledged that the Philippines’s improved bilateral relations with China were also a factor in the renewed investor confidence in the country.

He noted that the Chinese businessmen also believe the government’s “Build, Build, Build” program would help sustain the country’s economic growth and possibly surpass growth targets. “They are confident it (economic growth) will be stable for the next five years,” he added.

Barba said the businessmen are expected to conduct feasibility studies on their potential investments in the country. “They have to talk to government agencies on the possibility of pursuing the projects,” he said.

The trade department, meantime, is pushing for the approval of the measure that aims to promote ease of doing business and efficient delivery of government services.

Barba said they hope the President will sign the measure, which calls for shorter period of processing of permits, soon.