Metro Manila, Philippines – President Ferdinand Marcos Jr. announced on Thursday that his meetings with Chinese businessmen during his trip to Beijing yielded a total of $22.8 billion (over ₱1.2 trillion) in investment pledges.
“There has been an overwhelming response from the Chinese business community on the investment and trade opportunities in our economy,” Marcos said during his arrival speech in Manila after his Jan. 3 to 5 state visit to China.
“When realized, these investments will support our country’s economic recovery efforts and create more jobs for Filipinos,” he added.
According to the Office of the Press Secretary (OPS), the commitments include $13.76 billion for renewable energy, $7.32 billion for electric vehicle and mineral processing, and $1.72 billion for agribusiness.
On renewable energy, the OPS noted that interest is mainly in solar and wind, but also includes manufacturing of equipment, such as wind turbine generation towers, foundations, and other wind turbine parts.
It added that Chinese companies expressed intent to invest in coconut, durian production, and the Philippine livestock sector, among others.
Earlier, Malacañang reported that the Philippine and Chinese governments also signed 14 bilateral agreements during the state visit, covering a wide range of areas like agriculture, infrastructure, maritime security, and tourism.
During Marcos’ five state visits in 2022 – namely, to Indonesia, Singapore, United States, Cambodia, and Thailand – the Department of Trade and Industry said a total of $23.6 billion in investment pledges were generated.
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