President Duterte to bring home $24 Billion of investments, credit facilities from China

The Philippines is expected to reap $24 billion of investments and credit facilities from the four-day state visit of President Rodrigo Duterte to China.

This was disclosed by Trade Secretary Ramon Lopez on Friday.

"Iyong bagong number na nabubuo ngayon, in terms of investments and credit facilities opened, $24 billion – $15 billion noon are investments and iyong $9 billion will be in the form of credit facilities," he told reporters in a chance interview in this city.

"Iyong private-to-private, iyon ang $15 billion. And about $4 billion are MOUs [memoranda of understanding] to be signed later today," he added.

The investments and credit facilities cover a number of sectors including agriculture, energy, renewable, tourism, food, manufacturing, telecommunications, and infrastructure, Lopez noted.

This investments would provide estimatedly two million jobs in the Philippines.

Meanwhile, Bank of China is also expected to provide $3 billion in loans for businesses including micro, small, medium enterprises.

Source: GMA News

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