The $24-billion investment and credit line pledges that the Philippine government secured from China earlier this week were a display of “greater confidence” in the future economic relationship of the two countries, according to Trade Secretary Ramon Lopez.

In a text message to reporters, Lopez said that the renewed friendships in this part of the world have opened huge opportunities for Philippines’ trade and investment in China and Asean market of over 1.9 billion people.

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The deals secured during President Duterte’s state visit to China are expected to boost the trade and investment levels between the two countries, he added.

Lopez disclosed that the $15 billion worth of investment projects signed were as follows:

Subic-Clark railway project by Bases Conversion and Development Authority (BCDA) and China Harbour Engineering Co.

Bonifacio Global City-Ninoy Aquino International Airport Segment of Metro Manila Bus Rapid Transit-EDSA project by BCDA and China Road and Bridge Corp.

BCDA-China Fortune Land Real Estate project (memorandum of understanding);

Safe and smart city projects for BCDA by BCDA and Huawei Technologies

Transportation and logistics infrastructure at Sangley Point by Cavitex Holdings, International Container Terminal Services Inc. and China Harbour Engineering

Joint venture agreement of Jimei Group of China and Expedition Construction Corp. for infrastructure projects

North Negros biomass and South Negros biomass project by North Negros Biopower and Wuxi Huaguang Electric Power Engineering

Globe Telecom projects to improve network quality and capacity

Jin Jiang hotel room capacity expansion from 1,000 to 2,000 by Double Dragon Properties and Hotel of

Asia Inc.

Joint development project on renewable energy by Columbus Capitana and China CAMC Engineering

New Generation Steel Manufacturing Plant by Mannage Resources and SIIC Shanghai International Trade HK;

Joint venture on steel plants by Global Ferronickel and Baiyin International

Renewable energy projects by Xinjiang TBEA Sunoasis

Davao coastline and port development project by Mega Harbor Port and Development and China Harbour Engineering;

Manila Harbour Center reclamation by R-II Builders Inc. and China Harbour Engineering

Cebu International and Bulk Terminal project by Mega Harbour Port and CCCC Dredging Company

Cabling manufacturing facilities by MVP Global Infrastructure Group and Suli Grp Ltd.

Manila EDSA Bus Transportation program by Phil State Group and Yangtse Motor group and Minmetals International

Hybrid rice production by SL Agritech and Jiangsu Hongqi Seed Inc.

Bus manufacturing facility by Zhuhai Bus and Coach Co.

Banana plantation project by AVLB Asia Pacific and Shanghai Xinwo Agriculture Development Co.

300MW Pulangi-5 Hydro Project by Greenergy

Co. and Power China Guizhou Engineering Corp.

Pasig River, Marikina River and Manggahan Floodway bridges construction project by Zonar Construct and SinoHydro;

Ambal Simuay sub-river basin flood control project by One Whitebeach Land Development and Sino Hydro;

Nationwide island provinces link bridges by Zonarsystems and PowerChina Sino Hydro; and

Railway project (study) by MVP Global Infrastructure group and China Railway Engineering Corp.

These investment agreements are expected to generate 2 million jobs over the next five years.

Meanwhile, financing facilities worth a total of $9 billion would come from the China State ($6 billion) and Bank of China ($3 billion), Lopez said.

“We will maintain relations with our other partners but we would revive the stronger integration with our neighbors. We share centuries of trading, similar cultures and a better understanding of our region,” he said.

“For China alone, they continue to be the Philippines’ second major trading partner with $17 billion value in total trade. Our exports to China were $6 billion in 2015 but this still has high growth potential as we establish better relations and considering China’s total imports was around $2 trillion in 2015.

Another promising area again is investment from China. Their investment to the Philippines dropped to only $32 million in 2015.

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But China’s total outward investments was around $130 billion in 2015,” the trade chief said.

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