PNoy: PH to get $100M from ASEAN China Fund

MANILA, Philippines – President Aquino has announced another big deal that made his state visit to China a success: “more than 10%” of the $1-billion ASEAN (Association of Southeast Asian Nations) China Fund.

That’s equivalent to around at least $100 million or P4.2 billion in fresh funds that will go to small and medium-sized enterprises (SMEs) in the Philippines.

“Nakakagulat na napakalaki ‘nung nilalaan nila, itinatabi para sa Pilipinas. Medyo significant portion of that fund ito,” he said in a statement released by Malacañang on Saturday.

Sponsored by the Swiss government, Asian Development Bank and United Overseas Bank, the ASEAN China Fund is a private equity providing capital to SMEs in the region and China.

Aquino said the keepers of the fund “found favorable” the various programs that the Philippine government has been implementing to help entrepreneurs.

He was optimistic that the Chinese business leaders would continue to invest in the Philippines.

“Kung mapakita nating worthwhile ‘yung investment nilang ginawa, palagay ko ‘yung susunod dadagdagan pa nila ‘yung endowment doon. So kung maganda ‘yung resulta doon…at parang naka-concentrate sa atin, palagay ko mame-maintain natin ‘yung share doon sa fund na ‘yon,” he said.

The President was still in China on Saturday, the last day of his five-day state visit to the world’s second largest economy in an bid to strengthen bilateral ties.

Malacañang has said Mr. Aquino had a “fruitful” meeting with Chinese President Hu Jintao where the two leaders agreed on a number of measures mainly in the area of trade and economic cooperation.

The two leaders affirmed the Philippines-China 5-year development program, and agreed to further increase the volume of bilateral trade between the two countries to $60 billion by 2016.

China also expressed its support for the Philippines’ Public-Private Partnership (PPP) program, the centerpiece of the Aquino administration’s economic blueprint.

Aquino went to China together with over 200 Filipino businessmen, who were also eyeing to clinch business deals.

The delegation included some of the most powerful and influential names in the Philippine business such as PLDT chairman Manuel Pangilinan, Philippine Airlines chairman Lucio Tan, JG Summit Holdings chairman John Gokongwei, Metrobank founder George S.K. Ty, San Miguel Corp. president Ramon Ang, and Teresita Sy-Coson, daughter of mall tycoon Henry Sy.

Also among the delegation were Filipino businessmen Tony Tan Caktiong of Jollibee Foods Corp. and Carlos Chan, owner of Oishi manufacturer Liwayway Marketing Corp., who both set up successful ventures in China.

President Aquino met with Chinese partners of Liwayway, the Jinjiang Group, and visited Liwayway’s manufacturing plant. –Judith Balea, abs-cbnNEWS.com