State-run Chinese firm commits more investments in PH
A major State-run Chinese construction firm has committed more investments in the Philippines, mainly through public-private partnership (PPP), following the state visit of President Ferdinand “Bongbong” Marcos Jr. to China early this month.
A major State-run Chinese construction firm has committed more investments in the Philippines, mainly through public-private partnership (PPP), following the state visit of President Ferdinand “Bongbong” Marcos Jr. to China early this month.
Communications Secretary Cheloy Garafil said this after Marcos met officials of the China Communications Construction Co. Ltd (CCCC) in a courtesy call in Malacañang on Monday, Jan. 30.
In a statement, Garafil said the CCCC proposed the construction of the 270-km Laoag City-Rosario City Highway Project and the introduction of China’s Juncao technology to the Philippines.
It also pitched to build a Juncao Technology Demonstration Center and a Juncao Industrial Park for Juncao grass cultivation and processing.
Juncao is a hybrid of the Giant Napier Grass developed by the Fujian Agriculture and Forest University from eight different types of grass through tissue culture.
Once approved, the proposed Juncao technology project will be funded through Chinese foreign aid.
Aside from this proposal, the CCCC officials provided the President with an update on its ongoing infrastructure projects in the Philippines, including the Samal Island-Davao City Connector (SIDC) Project and North & South Harbor Bridge, among others.
Marcos said the central part of his government’s economic policy is establishing, endorsing, and promoting PPPs, in which the CCCC could participate.
He added that the government had changed the regulations and rules for establishing PPPs to make it more attractive for private corporations to come into the Philippines and work with the government.
The President also said that the administration would not limit these partnerships to PPPs.
“It can be of any nature – commercial venture or joint venture with a local partner,” Marcos said.
“Of course, the PPP, where you have a partnership with government, even G2G — government-to-government arrangements — is also something that we have been doing for a long time and again that we wish to further,” he added.
Marcos said that the Philippines has also relaxed the rules to allow foreign contractors to bring in their professionals to encourage technology transfer.
According to Garafil, the President expressed hope that the CCCC could assist the Philippines in carrying out projects that ensure environmental sustainability amid the threats posed by climate change.
The CCCC is a Chinese state-owned enterprise mainly engaged in transportation infrastructure projects such as roads, bridges, and railways.
Currently, it has more than 60 wholly owned subsidiaries and has operated in more than 150 countries and regions.
Aside from government projects, the CCCC is also involved in ongoing private-led reclamation projects in Metro Manila, such as the Pasay Harbor City Reclamation Project and Manila Waterfront City Development Project.