PH gets more investment commitment from Chinese firm

President Ferdinand Marcos Jr. (Screengrab from DepEd Facebook live)
President Ferdinand Marcos Jr. (Screengrab from DepEd Facebook live)

PRESIDENT Ferdinand “Bongbong” Marcos Jr. met on Monday, January 30, 2023, with a major Chinese construction firm who vowed more investments in the Philippines.

In a statement, the Malacañang said officials of China Communications Construction Co. Ltd (CCCC) proposed to Marcos during a courtesy call the construction of the 270-kilometer Laoag City-Rosario City Highway Project and the introduction of China’s Juncao technology to the country.

The firm proposed to build a Juncao Technology Demonstration Center and a Juncao Industrial Park for Juncao grass cultivation and processing which will be funded through Chinese foreign aid.

Juncao is a hybrid of the Giant Napier Grass developed by the Fujian Agriculture and Forest University from eight different grasses through tissue culture.

CCCC officials also updated Marcos about their ongoing projects in the Philippines including the Samal Island-Davao City Connector (SIDC) Project and North and South Harbor Bridge.

The President said among the core of his government’s economic policy is the establishment, endorsement, and promotion of Public Private Partnership (PPP), in which the CCCC could participate.

Marcos expressed hopes the CCCC, a Chinese state-owned enterprise mainly engaged in transportation infrastructure projects such as roads, bridges and railways, could assist the Philippines in carrying out projects that ensure environmental sustainability amid the threats posed by climate change.

The firm is also involved in ongoing private-led reclamation projects in Metro Manila, such as the Pasay Harbor City Reclamation Project and Manila Waterfront City Development Project.

The government under the Marcos administration earlier revised its policy for the PPPs to make it more attractive for private corporations to come into the Philippines and work with the government.

It eased the rules to allow foreign contractors to bring in their own professionals with the aim of encouraging technology transfer.

“It can be of any nature – commercial venture or joint venture with a local partner. Of course, the PPP, where you have partnership with the government, even G2G — government-to-government arrangements — are also something that we have been doing for a long time and again that we wish to further,” Marcos said.

The commitment from the Chinese firm came weeks following Marcos’ state visit in China. (SunStar Philippines)


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