MANILA, Philippines – State-owned Bases Conversion and Development Authority (BCDA) emerged as among the biggest winners in President Duterte’s recent China state visit, having secured a number of deals with Chinese corporations for projects cutting across transportation, information technology, and real estate.
A complete list of agreements signed in China last week provided by Trade Secretary Ramon Lopez showed BCDA is set to partner with China Harbour Engineering Co. to undertake the Subic -Clark Railway project.
The state-run corporation will also be collaborating with China Road and Bridge Corp. for the BGC-NAIA segment of the Metro Manila Bus Rapid Transit EDSA Project.
BCDA will also be embarking on “Safe and Smart City” projects with Chinese multinational networking and telecommunications equipment and services company Huawei Technologies.
In addition, it signed a memorandum of understanding with China Fortune Land for a real estate project.
BCDA is behind development of the 9,450-hectare Clark Green City which is envisioned as the Philippines’ first smart, green and disaster-resilient city that will showcase the country’s capability to build a sustainable and modern city.
The BCDA deals were part of $24 billion worth of investment and financing agreements secured by the country during Duterte’s China trip.
The $24 billion consists of $15 billion worth of investment projects and $9 billion worth of credit facilities.
Aside from those bagged by BCDA, other investment projects signed include transportation and logistics infrastructure at Sangley Point by Cavitex Holdings, International Container Terminal Services Inc., and China Harbour Engineering; joint venture agreement of Jimei Group of China and Expedition Construction Corp. for infrastructure projects; Globe Telecom projects to improve network quality and capacity; Jin Jiang hotel room capacity expansion from 1,000 to 2,000 by Double Dragon Properties and Hotel of Asia Inc.; New Generation Steel Manufacturing Plant by Mannage Resources and SIIC Shanghai International Trade HK; joint venture on steel plants by Global Ferronickel and Baiyin International; and Davao coastline and port development project by Mega Harbor Port and Development and China Harbour Engineering, among others.
The financing facilities, meanwhile, would come from China State at $6 billion and Bank of China at $3 billion for Philippine industries and infrastructure.
Lopez said Duterte’s highly successful meetings with Chinese President Xi Jinping and Premier Li Kequiang have led to greater confidence in the future economic relations between the Philippines and China.