The Cagayan Economic Zone Authority (Ceza) has scored big in the Second Belt and Road Forum, as it secured $3.9 billion of Chinese investments on infrastructure and manufacturing projects.
In a news statement issued on Tuesday, Ceza Administrator and Chief Executive Officer Raul L. Lambino said his agency obtained $3.9 billion of Chinese commitments on the sidelines of the Second Belt and Road Forum last week.
The multibillion-dollar investments are made up of seven memorandums of understanding (MOU) and two letters of intent (LOI) on projects largely on infrastructure and manufacturing.
The Ceza entered into an MOU with Fong Zhi Enterprise Corp. for the establishment of a $2-billion smart city in Fuga Island, Aparri, patterned after its developing large infrastructure project in Fujian.
Further, Fong Zhi vowed to set up an agricultural breeding center and soil-improvement project, build medical schools, promote tourism and establish an industrial park in the area. It also inked a strategic cooperation agreement with Isla Fuga Pacific Resorts Inc. for the promotion of Fuga Island.
The Ceza also signed letter of intent (LOI) with Baoye Group Company Ltd. and Dingsheng Tiangong Construction Machinery Co. Ltd. for the development of global entertainment projects and an integrated resort, as well as shopping malls and golf course in the Cagayan economic zone.
Moreover, Shanghai Jucheng Supply Chain Group Co. Ltd. is eyeing to build a $150-million township and manufacturing plant for lithium batteries. On the other hand, Pai Hao Investment and Consultants Ltd. is looking to invest $500 million for the upgrade and expansion of the Lal-lo International Airport that will enable it to accommodate wide-bodied aircraft.
Chinese Shenzhen Dawah and Asparas Group Ltd. will enter into a joint venture for the establishment of a marina, water-sports training center and private villas amounting to $100 million.
The Ceza also formalized its business deal with China Zhejiang Guannan Group for the development of a $500-million green textile production hub in the Cagayan economic zone. On the other hand, the investment-promotion agency entered into an agreement with Golden Millennial Quickpay Inc. for a $100-million financial technology center.
Meanwhile, Yatai International Corp. will acquire a property for its $500-million satellite city.
The Ceza, headed by Lambino, was part of the Philippine delegation that joined President Duterte in at the Second Belt and Road Forum in Beijing last week. The Philippines bagged a total of $12.16 billion of investments and business deals, projected to generate 21,165 jobs, from China during the two day event.