President Ferdinand R. Marcos Jr. is considering the grant of “concessions” to Chinese firms engaged in mineral processing and electric vehicle (EV) production to boost foreign investment inflows into the Philippines. Know more:
BEIJING—President Ferdinand R. Marcos Jr. is considering the grant of “concessions” to Chinese firms engaged in mineral processing and electric vehicle production to boost foreign investment inflows into the Philippines.
These investment commitments include $1.72 billion for agribusiness, $13.76 billion for renewable energy, and $7.32 billion for strategic monitoring . Other signed agreements involve Chinese investments in renewable energy pursuits such as in solar and wind, as well as in related sectors including battery energy storage systems and off-grid power supply systems.
Trade Secretary Alfredo E. Pascual and Chinese Minister of Commerce Wang Wentao signed a memorandum of understanding on electronic commerce cooperation. The event, which was witnessed by President Marcos, was part of his three-day state visit.
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