Malacañang: PHL prepared to welcome more Chinese investors

Presidential spokesperson Ernesto Abella, in a press briefing in Malacañang on Tuesday, April 4, said the Bank of China, China’s most internationalized and diversified bank, will be bringing in 150 Chinese investors to the Philippines. (PCOO photo)

MANILA–Malacañang said the country is prepared to welcome some 150 Chinese investors to the country.

Presidential spokesperson Ernesto Abella, in a press briefing in Malacañang on Tuesday, April 4, said the Bank of China, China’s most internationalized and diversified bank, will be bringing in 150 Chinese investors to the Philippines.

The 150 Chinese investors are expected to attend the 12th ASEAN Finance Ministers’ Investors Seminar which will be held in Cebu this April.

He also said that the Bank of China will be providing the Philippine Chamber of Commerce and Industry about PHP3 billion in aid to qualified micro, small and medium enterprise beneficiaries.

The Palace also expressed elation over the strong Institutional Investor’s outlook for the Philippines. The Philippines was given a thumbs-up by the Institutional Investor, a New York-based leading international business publisher.

Also, the recently approved Social Security System (SSS) pension increase is also seen to boost consumer spending.

At the same time, Abella said the two additional lanes along Timog Avenue to Scout Borromeo in Quezon City are now open with an improved flood control concrete box culvert.

Abella said the 522-meter Road Project and the 5.30 meters width by 4.35 meters deep Flood Control Project, totaling to PHP87.69 million, are expected to ease the flow of traffic along Quezon Avenue–East Bound.

In the same briefing, Abella said the dismissal of Department of Interior and Local Government (DILG) Secretary Ismael Sueno manifests President Rodrigo Duterte’s determination to restore the trust of the people in government.

The President always reiterates in his speeches that he will not tolerate graft and corruption in government, noting that even a whiff of corruption, he will not hesitate to dismiss members of his administration.

“I think we have to give him credit and really understand and put it in context that what he’s really actually doing is really restoring trust in the government,” Abella said.

“Apparently for the longest time, the people have become, in a sense, hopeless about the situation. But he is actually empowering the Filipino people once more by giving them a trustworthy government. It’s quite a challenge,” he added

Asked by reporters if there will be investigation or people to be charged after Sueno’s dismissal, Abella said it’s up to the President what to do next.

The Palace spokesman also said there is still no immediate successor for Sueno.