RP, China seen to sign 10 bilateral pacts

The Philippines and China are expected to sign at least 10 bilateral agreements and six commercial agreements worth about $1 billion during the visit of Chinese President Hu JinTao at the end of this month.

According to Ambassador Jose Antonio, special envoy to the People’s Republic of China, the 10 bilateral agreements and six commercial agreements represents "the first wave of Chinese investments in the country."

The six commercial agreements, Antonio disclosed, would include a $1 billion investment in the Philippine Nickel Co., formerly Nonoc Corp. and a $300 million glass manufacturing.

Another agreement would cover a $25 million investment by a Chinese biotech pharmaceutical to manufacture traditional Chinese medicine in the Philippines.

The other agreements, Antonio said, would cover investments in power plants and processing of various coconut products.

Previously, there had been reports that the Shanghai Bao Steel Group Corp. and Jin Chuan Non-Ferrous Metals Corp. are planning to rehabilitate Philnico.

Likewise, the Jing Niu Crystal Ball Group of Co. had also indicated their interest in putting up a glass manufacturing either in Subic or nearby Bataan.

Another Chinese firm, Seeinglong Biotech Pharmaceuticals, Inc. had also expressed its intention to put up a local manufacturing facility for traditional Chinese medicines. — Marianne V. Go