4,879 guests

Digong coming home with $24-B ‘bacon’

  • Written by EMontano
  • Published in Top Stories
  • Read: 272

A WHOPPING $24 billion in investments and credit facilities are expected to be reaped from the four-day state visit of President Rodrigo Duterte to China, Trade Secretary Ramon Lopez bared yesterday.

“Iyong bagong number na nabubuo ngayon, in terms of investments and credit facilities opened, $24 billion – $15 billion noon are investments and iyong $9 billion will be in the form of credit facilities,” Lopez said.

”Iyong private-to-private, iyon ang $15 billion. And about $4 billion are MOUs (memoranda of understanding) to be signed later today,” he said.

Lopez added that the investments and credit facilities cover a number of sectors including agriculture, energy, renewable, tourism, food, manufacturing, telecommunications, and infrastructure, Lopez noted.

It was said that the investments would translate into two million jobs in the Philippines.
   
“Estimate lang, roughly two million. Roughly over two million over five years,” Lopez said.
   
The Bank of China is also expected to provide $3 billion in loans for businesses including micro, small, medium enterprises.