BEIJING – Philippine President Rodrigo Duterte’s meeting with Chinese President Xi Jinping in Beijing is part of a charm offensive aimed at seeking trade and support from China by setting aside a thorny territorial dispute.

The Philippines is bringing home around US$13.5 billion (S$18.8 billion) worth of investment and financing deals from China following a historic state visit that rekindled ties with the economic superpower, according to Trade Secretary Ramon Lopez, who added that the country’s trade with the Asian economic giant could reach US$60 billion in five years as targeted.

Lopez announced the estimated sum of all the government-to-government and business-to-business deal sizes during the Philippines-China Business Forum on Thursday.

The trade czar also expressed optimism that with the renewed friendship between the Philippines and China, trade between the two countries could double or even triple in the next few years to reach the $60 billion target in five years. He said the same could be expected from investment flows and influx of tourists.

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Duterte in China to promote economic ties

Source:

Reuters

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He said in a text message that the US$13.5 billion total package included the private sector memoranda of understanding signed between Philippine business delegates and their Chinese counterparts.

The amount also includes the concessional loans and private sector funding committed to public and private Philippine enterprises.

JG Summit Holdings President Lance Gokongwei, owner of a company set to sign a financing deal with the Bank of China, said the group would use the proceeds for infrastructure projects.

President of Filinvest Development Corp. Josephine Gotianun-Yap likewise said her conglomerate was signing a financing deal with the Bank of China to fund infrastructure projects.

Businessman Reghis Romero is among the delegates who have scored a number of big-ticket deals involving Chinese contractors during his trip.

In a chance interview on Thursday, Romero said he was set to sign that evening the Davao Coastline and Port Development project worth around 39 billion Philippine pesos, a project to be constructed by the China Dredging Corp. and Construction Communication Corp. The 214-hectare coastline project, which will be undertaken by his company Mega Harbor Port and Development Inc., is a five-year project to transfer the coastline of Davao City from Agdao and Poblacion Districts into a “well-planned, decrement and self-contained community.” This is a partnership with the local government of Davao.

Romero was also set to sign a 16.5 billion Philippine pesos (S$475.9 million) Cebu International Container and Bulk Terminal project, which would build a berthing facility of up to 1,200 metres as part of the 35 hectares allotted for port development.

The third project, worth 7.5-billion Philippine pesos, is a 50-hectare Harbor Center Port Terminal extension project in Manila, which seeks to alleviate port congestion in Manila.

Earlier, it was reported that China Railway Group Ltd. had committed to invest up to US$3 billion in Philippine infrastructure projects.