So much investments, so little time for PGMA in China
BOAO, China (Via PLDT) (22 April) -- Nearly a billion dollars worth of new investments in 12 hours.
Thatís the way things looked like for President Gloria Macapagal-Arroyo in her brief stay in this picturesque coastal town Saturday as she "came and went like a thief in the night," bringing with her an avalanche of Chinese investments to the tune of $904.38 million.
The President, who arrived here in the wee hours of Saturday to keynote the opening plenary session of the Boao Forum for Asia (BFA), left at 3:30 p.m. of the same day, but not after witnessing the signing of five landmark economic agreements between the Philippines and China that, in her own words, would create new jobs for Filipinos and support infrastructure development "to raise the competitiveness of our country."
"These commitments are testament to the progress we have made in enhancing our economic environment and the confidence of the international community in our country and economy," she said shortly before her departure for Manila.
The five agreements were for a cyber-education project, a supply contract for a national broadband network, the second phase of the Angat Dam water utilization and aqueduct improvement project, and on mango pulp and tapioca exports.
The cyber education project, worth $465.5 million, was signed by Trade and Industry Secretary Peter Favila in behalf of the Department of Education and Dr. Kang Ke Jung of Tsinghua Tongfang Nuctech Co. as part of the ICT Cooperation between China and the Philippines.
Transportation and Communications Secretary Leandro Mendoza and ZTE Corp. Vice President Yu Yong inked the $329.5-million supply contract for a national broadband network which will improve government communications capabilities.
Mabuhay Enterprises Chief Executive Officer Antonio Tui and Guangzhou Dong Li Trading President Jianhua Li signed the $4.64-million contract for the export of mango pulp to China from 2007 to 2008 as part of the $23.2-million total package up to 2010.
Eastern Petroleum President Fernando Martinez and Guangxi Mingyang Import and Export Trade Co. Ltd. Chairman Pan Rui Jian sealed the contract for a $30-million tapioca exports to China for five years.
Also signed was the contract between the Metropolitan Waterworks and Sewerage System (MWSS) and China International Water and Electric Corp. for the second phase of the Angat Dam water utilization and aqueduct improvement project worth $56.18 million. (OPS/PIA) [top]