China and Philippines sign $ 1.5 bn in deals

Apr 27, 2005 02:00 AM

China and the Philippines signed $ 1.5 bn worth of trade and investment deals during the Chinese president's visit to Manila.
China will provide investments and loans to fund Philippine infrastructure and mining projects. The Philippines has vast mining resources that remain largely unexploited.

China's state oil company also agreed to a possible $ 10 mm investment for oil exploration off the coast of Palawan Island in the western Philippines.
China's hunger for oil and other resources to fuel its rapidly growing economy makes it an attractive market for the Philippines.

The agreements were signed on the second day of Chinese President Hu Jintao's three-day visit to Manila.
Hu is returning Philippine President Gloria Arroyo's visit to China last year.

Source: United Press International
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