The Philippine government has announced that President Marcos, who visited China, has secured investment commitments of approximately 3 trillion yen in Japanese yen from the Chinese side, mainly in renewable energy projects.
President Marcos of the Philippines made an official visit to China until the 5th of this month, held talks with President Xi Jinping, attended several economic conferences, and called on Chinese business people to invest in the Philippines.
Regarding the results of the visit, the Philippine government announced on the 6th that it had received a total investment commitment of more than $22 billion from the Chinese side, or about 3 trillion yen in Japanese yen.
The breakdown is as follows: $13.7 billion will be invested in the renewable energy business, which accounts for 60% of the total, and $7.3 billion will be invested in mineral processing such as nickel used in electric vehicles and storage batteries.
The Philippines has set a plan to increase the ratio of renewable energy to half of the total by 2040 in order to realize a decarbonized society, and in December, it amended the law to open the renewable energy business to foreign investment. increase.
President Marcos emphasized his achievements, saying, "These investments will support economic recovery and expand employment for Filipinos."
On the other hand, local media have reported that although the previous administration also agreed to make a huge investment with China, little was realized, and there is growing interest in how far this investment will be realized.