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Arroyo woos Chinese businessmen
By Joel Guinto
INQ7.net
Last updated 09:22pm (Mla time) 10/27/2006
(UPDATE) XIAMEN -- President Gloria Macapagal-Arroyo has urged Chinese businessmen to invest in the Philippines, which she described as a "great destination for investments."
Arroyo extended the invitation after the Federation of Filipino-Chinese Chambers of Commerce and Industry (FFCCCI) signed two memorandums of agreement (MOAs) with its Chinese counterparts, aimed at strengthening economic ties between the two countries.
"China and Fujian [province] should look at the Philippines as a great destination for investments," Arroyo said in a speech during a business luncheon here. "We look forward to the day when China and Fujian have substantially raised investments in the Philippines."
Arroyo arrived in this city in the southern Fujian province on Friday to start her five-day official visit aimed at strengthening trade ties between the Philippines and China.
"We look forward to the day when China and Fujian substantially raise investments in the Philippines," she said.
The FFCCCI entered into a MOA each with the All China Federation of Commerce and Industry and the Fujuian Normal University.
The FFCCCI-All China Federation of Commerce and Industry MOA aims to provide a framework for all future investments and requests for assistance between the Philippines and China.
The FFCCCI agreement with the Fujuian Normal University will provide for the creation of a Chinese Filipino "language institute."
FFCCCI President Francis Chua told reporters that at least 10 agreements would be signed, including a $500-million funding for the North and South rail projects in the Philippines.
Agriculture Secretary Arthur Yap said two memoranda of understanding (MOU) and a MOA for the production of the biofuel ethanol would also be signed.
The MOUs will be entered into between the government and the China Machines Engineering, which will involve the construction of two ethanol plants in Negros Island in the central Philippines -- one with a maximum output capacity of 120,000 liters a day and the other, with a capacity of 150,000 liters a day, Yap told reporters.
Meanwhile, the MOA seeks to construct a 150,000-liter a day ethanol plant in Zamboanga del Norte province in the south, Yap said.
In a speech during the luncheon, Chua said that stronger trade ties between the Philippines and China, particularly the southeastern region, would form the "economic golden triangle," which also includes Taiwan.
Chua said Chinese investors were particularly interested in the agriculture, information technology, tourism, and manpower in the Philippines.
"It will be a partnership of kinship, friendship, and partnership. A triangle of peace and prosperity," he said.
Arroyo said China has grown to be the Philippines' third largest trading partner.
"[Ties with] China is among is among the most important ties [the Philippines has] with other countries," she said.
Arroyo arrived here at 10:48 a.m. on board Philippine Airlines Flight PR-001. A traditional dragon dance welcomed her at the Xiamen Airport.
Later Friday, she was warmly met by members of the Filipino community in Xiamen.