Davao City: China and the Philippines intend to craft a six-year economic cooperation plan to better facilitate trade and investment deals between the two countries, a Chinese embassy official said here Wednesday.
“After President Rodrigo Duterte’s state visit to China, we signed a lot of MOUs [memorandum of understandings]for cooperation. At present, our job is for these MOUs to be fully implemented,” Jin Yuan, commercial counselor at the Chinese embassy in Manila, said during the concluding press conference of the Philippines Development Forum here.
Duterte’s four-day state visit to China in October yielded $24 billion worth of loans and investment pledges. The
Philippines will also get $9 billion worth loans including $3 billion credits from mainland private lenders.
The two countries also signed seven joint, including a memorandum of understanding on tourism to help boost Chinese arrivals in the country.
To better implement the MOUs, Jin said Chinese representatives together with the National Economic and Development Authority (NEDA) will craft the six-year Philippines-China Economic Cooperation Plan and complete the draft by the first quarter of next year.
“At the end of this year, we will send our draft plan and it will be crafted jointly with NEDA’s by the first quarter of 2017 because it should conform to the release of the 2017-2022 Philippine Development Plan,” Jin said.
Earlier, the Philippine government announced that the NEDA Investment Coordinating Committee (ICC) will be the focal point when it comes to managing the country’s economic relationship with China.
“Once the President has actually signed an order to do that, the ICC will go to China and ask the Chinese government to designate a single focal point also in China so that the dealings can be government-to-government,” Finance Secretary Carlos Dominguez 3rd earlier said.
“ICC will ask the Chinese government to designate and accredit the companies that they believe can do the projects to accredit them so that the Philippine side will know which companies to deal with in China,” he added.
Next week, a delegation of working groups and importers from China will visit the Philippines to buy more bananas, pineapples and other tropical fruits, Jin said.