The Philippine Online Chronicles

President Benigno Aquino III's five-day state visit to China has brought billions of dollars worth of investments to the Philippines, as well as helped ease the ongoing territorial dispute in the West Philippine Sea, say reports.

According to Aquino, the trip generated $1.28 billion investments, $3.8 billion in assured investments, and $7.9 billion from businessmen who showed interest in investing in the country.

Aquino said that they have used the government's “five Rs” (right projects, right cost, right quality, right people, and right on time) to convince the Chinese investors.

“We got tire manufacturing, some power projects, various infrastructure projects like road and rails, shipbuilding, so there was a lot, particularly in power, mining and other infrastructure,” said Department of Trade and Industry Secretary Gregory Domingo.

Domingo added that there will be discussions on specific action plans in order to fulfill the Philippines-China Five-Year Development Program for Trade and Economic Cooperation, which is expected to draw $60 billion in two-way trade by 2016.

The Department of Foreign Affairs previously said that the $60 billion from Chinese investments over the next five years would cover various infrastructure projects through public-private partnership, (PPP) in the mining, energy, information, and tourism sectors.

Meanwhile, Sen. Joker Arroyo noted the goodwill Aquino has generated from his visit despite the territorial dispute concerning the Spratly Islands, and the Manila hostage crisis last year wherein some Hong Kong nationals were killed.

“The first benefit of the China trip which is good, it is a goodwill visit. Goodwill in the sense meron tayong problema, naumpisahan sa hostage crisis pagkatapos 'yung Spratlys. Kung nag-usap ang President of China and Prime Minister and si Noynoy, okay na 'yan. If only for that sulit na ang biyahe because we cannot always say or quantify that in pesos and cents,” Arroyo said.

The Senator added that, “Until now, the Chinese side has not announced anything, not the cost nor the nature of these investments. We should just disregard that. But the reception that the President has received was very warm despite the problems that came before the visit. That is more important.”