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PIA Press Release
2007/04/24

PGMA brings home $1-billion Chinese investments

Manila (24 April) -- Though the shortest among her state visits, President Gloria Macapagal-Arroyo recent business trip to China proved to be among the most fruitful following the signing of five bilateral and business agreements that would bring about $1 billion worth of Chinese investments to the Philippines, creating new jobs and infrastructure.

After impressing a gathering of political and business leaders and academic scholars during the Boao Forum in Hainan , China as this year's keynote speaker, the Chief Executive met with Chinese investors to further improve the country's economic performance.

Among those investments are the cyber-education between the Department of Education and Tsinghua Tongfang Nuctech Co. worth $465.5 million, a $329.l5-million supply contract agreement between the Department of Transportation and Communication and ZTE Corporation of China for a national broadband network to improve government communication capabilities, and the second phase of the Angat water use and aqueduct improvement project and mango pulp and tapioca exports.

The President highlighted in her keynote speech the strides made by the Philippines in economic and social development, fiscal reforms, information technology, the peace process and other fields and the country's competitiveness in the global market. (PIA-MMIO) [top]

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