MANILA, Philippines - Two Chinese firms have entered into a partnership with the Authority of the Freeport Area of Bataan (AFAB) and the provincial government of Bataan for collaboration on various projects.
AFAB said the agreement was signed with Sinohydro Co. Ltd. and PowerChina Chengdu Engineering Co. Ltd.
“The signed memorandum of understanding is another significant milestone for the AFAB and the provincial government of Bataan. Together with Sinohydro and PowerChina, we hope to build projects that would benefit locators in the FAB and people in Bataan, including hydropower plants and highways and bridges,” AFAB chairman and administrator Emmanuel Pineda said.
Under the agreement, AFAB and the provincial government of Bataan will work with Sinohydro and PowerChina toward the financing, engineering, procurement, and actual construction of projects that are vital and significant to economic and political development within the Freeport Area of Bataan and Regions 3, 4 and National Capital Region.
AFAB said all the parties also vowed to establish strong and prospective business relations and cooperate in projects related to Manila Bay Sea Cross Bridge, container ports, industrial estates, renewable energy, tourism and commercial developments, highways and railways and utilities.
“The MoU with Sinohydro and PowerChina is very valuable to us as this supports the initiative of the provincial government of Bataan to bring more development in the province and provide better lives for our people,” Bataan Gov. Albert Garcia said.
In the future, we hope to sign an agreement and contract with Sinohydro and POWERCHINA for more projects in Bataan that will surely provide legitimate jobs,” Bataan Governor Albert Raymond Garcia said.
The FAB is one of the manufacturing hubs in the Philippines which seeks to be the freeport of choice in the country by 2020 by becoming a center of trade, innovation and sustainable development in Asia.