CITY OF MALOLOS- Chinese investors have just poured in a nearly P14 billion (US$254 million) worth of four major investments in housing, aquatic materials, vehicles and heavy equipment in Bulacan beginning 2024.
Governor Daniel R. Fernando and Changsa County, Hunan Province, China led by Party Secretary of the CPC Changsha Municipal Committee Wu Guiying signed a business partnership on Sunday at the Capitol.
The business ventures include the Broad Group Philippines Government Affordable Housing Project worth $18 million; Import of Philippine Aquatic Products worth $40 million; Sales and Local Assembly of Foton Philippines Vehicles in 2024 worth $180 million; and Sales Contract for Excavator Equipment worth $16.82 million or P13,970,000,000.
The Chinese businessmen in the country–Hunan Chamber of Commerce, Sunward Philippines Inc., Zhongxin Guotai Construction Corporation, Zoomlion Heavy Industry Philippines Inc., Hon-Kwang Electric Philippines Inc., and Sany Philippines Inc. donated food and non-food items including 435 boxes of medicines, 165 boxes of diapers, 140 boxes of canned goods, 100 sacks of rice and 250 assistive devices to the province.
The donations will be distributed to 29 orphanages and homes for the elderly in the province through the Provincial Social Welfare and Development Office.
According to Fernando, he is humbled and excited by the potential that the partnership holds, and looks forward to a future filled with successful collaborations and shared prosperity between the two provinces.
“Let us seize this opportunity to work together, building bridges that connect our regions and create new avenues for development. Together, we will write a chapter of success and cooperation that will be remembered for generations to come,” the governor said.
Meanwhile, Wu Guiying said that this year marks the 10th anniversary of President Xi Jinping’s joint construction of the “Belt and Road” initiative, and the Philippines is an important node country in it.
“We sincerely hope that both parties will seize the opportunity of the comprehensive implementation of RCEP, further expand practical cooperation in modern agriculture, biomedicine and other fields, promote the vigorous development of education, culture and tourism in the two places, and better achieve complementary advantages, mutual benefit and common development,” she said.
In 2018, the Province of Bulacan, Philippines and Hunan Province, People’s Republic of China signed the Letter of Intent on the Establishment of the Friendship Relationships between the two provinces.
Both parties agreed to make concerted effort on the basis of equality and mutual benefit to promote people to people friendly context and economic and trade interflow and actively carry out exchanges and cooperation in the field of economy, trade, science and technology, culture, sports, health, education, youth, administration, and the likes.
Fernando said the Chinese investments is just one of the bulk of macro-economic and business opportunities the P754 billion worth New Manila International Airport in Bulakan town is expected to bring to the province when it starts to operate a few years from now.
