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PH secures $9B investments from China – Duterte

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President Rodrigo Duterte has secured new investments worth $9 billion during his four-day visit to China this month.

This was announced during his arrival in Davao City. The President said this would create at least 10, 000 jobs for Filipinos.

Aside from this, the Philippines and China sealed a deal allowing the employment of 2,000 Filipino English-language teachers starting this year, he said.

“I [underscored] the importance of providing a safe, secure and stable environment in the region’s land [and] waters for economies to thrive. I reiterated the Philippines’ commitment to do more to encourage greater investments into the country,” Duterte said.

“I stressed our emphasis on infrastructure, innovation [and] interconnectivity to drive domestic growth. Most importantly, we received support for the Philippines’ plans for inclusive growth and sustainable development,” he added.

The President also noted China provided a 500-million-renminbi, or P4 billion grant, to the Philippines with no strings attached.

“We have secured so many billions and that 500 renminbi, that is gratis. No, there’s no contract about building a railroad. It’s P4 billion straight, gratis,” Duterte said.

This would be used to establish and rehabilitate hospitals in Mindanao.

“I would suggest hospitals. The first one is I will repair and equip the hospitals in the south, particularly in Jolo and Basilan. They do not have CT (computed tomography) scan, MRI (magnetic resonance imaging). And, competent doctors,” Duterte said.

“Now, they can just read it in a machine and the reading of the X-ray can be done in Manila, [by] the experts, and they can transmit or convey there, improve diagnosis if there’s a need…And maybe, I will use [the funds] for medicines. I want to use the funds [on] those that really, really, urgently need them immediately,” Duterte said.

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