It was a brief state visit by President Ferdinand “Bongbong” Marcos Jr. to Beijing from January 3-5, but it yielded a treasure trove of investment pledges, infrastructure loans, and agreements to find lasting solutions.
IT was a brief state visit by President Ferdinand “Bongbong” Marcos Jr. to Beijing from January 3-5, but it yielded a treasure trove of investment pledges, infrastructure loans, and agreements to find lasting solutions to contentious issues in the South China Sea.
The three-day state visit generated $22.8 billion worth of investment pledges from China. “It was a very quick visit, but we accomplished a lot. It was very productive. It was worth it,” Marcos said upon his return from Beijing. Secretary Diokno signed four separate loan agreements with the Export-Import Bank of China for the financing of planned bridges across the Pasig-Marikina River and the Manggahan Floodway project.
These agreements, Socioeconomic Planning Secretary Arsenio Balisacan said, will bring huge benefits for the Philippine economy in the long-term as they are consistent with the Marcos administration’s Philippine Development Plan . Balisacan, who also heads the National Economic and Development Authority, explained that the strategic areas identified in the newly completed PDP for the medium term are very much the same areas covered by those different agreements.
The visit also led to the signing of the Implementation Program on Tourism Cooperation with China’s Culture and Tourism Ministry. According to Tourism Secretary Christina Garcia Frasco, this program “will generate massive employment opportunities and investments across all sectors of tourism throughout the Philippines.
“The state visit was highly successful because there were many engagements at different levels,” said Speaker Martin Romualdez. “We also discussed what we can do to move forward to avoid any possible mistakes, misunderstandings that could trigger a bigger problem than we already have,” the President told media. Prior to the state visit, fisherfolk groups had urged President Marcos to prioritize pushing back on China’s incursions in Philippine waters that are part of our Exclusive Economic Zone or EEZ.
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