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PIA Press Release

Commentary: PGMA's trip to China will benefit the nation

Tacloban City (October 30) -- President Gloria Macapagal Arroyo's trip to China is starting to reap benefits for the country in an expected golden age of the RP-China relationship in the sectors of trade, investments and stability.

Already, China's number one electricity provider, State Grid Xiamen Electric (SGXE) expressed interest in buying the National Transmission Corporation (TransCo). The SGXE officials had earlier shown their desire to acquire Transco but was only able to concretize their intention when executives of the electric company paid the President a courtesy call during her stay in Xiamen.

The credentials of State Grid Xiamen Electric is impressive as it boasts of being able to supply electricity to 88 percent of China's land area. Aside from this, its net profits hit US$89 billion last year.

On the other hand, the Jinchuan business executives also expressed interest in investing in the the country's mining and power industry particularly in the Nonok Nickel Mines in Surigao.

Officials of Jinchuan Non-Ferrous Metals Corp. led by its Chairman Liyong Jun called on the President Friday afternoon at her official residence at the Presidential Villa of the Xiamen Mandarin Hotel to stress their intention of investing in the Nonok nickel mines.

During the courtesy call, the Jinchuan executives asked the President about the possibility of assisting them in acquiring Philippine Economic Zone Authority (PEZA) registration and support from the local executives of the province of Surigao.

The President assured the executives of granting their requests, stressing "it is in the interest of Surigao to be able to invite this substantial investment which" she (the President) "described as the biggest single investment from China.

As far as the company is concerned, they just would like to get additional assurance mainly in form of assistance in getting registered in the country as a Philippine Export Zone Authority (PEZA) company.

The positive developments in the President's trip to China is further boosted by the secretary of the Communist Party of China-Jiangxi Provincial People's Congress who pledged that China will pour more investments in the Philippines.

It is prayed that President Arroyo will have the strength to continue her mission in bringing about what she said that there is nothing more important for the country than peace and prosperity and her trip to China is a step towards securing the peace and security the country needs. (PIA 8) [top]

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