Update (This version corrects the amount of investment deals from $9.8 billion to $9.5 billion.)

HAINAN, China – President Duterte witnessed the signing of an estimated $9.5 billion worth of investment agreements with Chinese businessmen on the sidelines of the Boao Forum for Asia on Tuesday.

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The letters of intent could generate some 10,800 jobs, according to Trade and Industry Undersecretary Rowel Barba.

Barba signed the LOIs on behalf of the Philippines.

President Duterte praised the investment pledges as a sign of the continually growing Philippine and China ties.

“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,” Mr. Duterte said.

He also stressed that he was committed to good governance and to improving the business climate in the country.

“I emphasize the Philippines’ commitment to address corruption, that corruption will not be tolerated under my watch,” he said.

Barba also said the signing of the letters of intent is an indication of the increasing Chinese confidence in the Philippine economy and their belief that the country could sustain its 6.7 percent economic growth for the next five years, said Barba.

“They said they’re confident in the growth story of the Philippines, that this would continue and our 6.7 percent growth is not a fluke. They saw that with our build, build, build program, we can sustain the growth or even surpass,” Barba told reporters.

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