MANILA – Investment deals with China are being discussed without fanfare as President Rodrigo Duterte shifts the country’s alliances to Beijing from Washington, a top fund manager said Monday.
Duterte secured $24 billion in investment deals after he visited China last year and reset diplomatic ties that have been strained by a bitter maritime dispute.
BDO Capital President Ed Francisco told ANC’s “Market Edge with Cathy Yang that he was scheduled to meet with Chinese investors in the power and transportation sectors.
“There really was a method in his madness,” Francisco said. “I guess there is that support and that pivot is good for us.”
“Its been pretty quiet, relatively from the PPP front, but they’re doing bilateral deals and they’re talking government to government. It’s a good sign, despite not so much news, things are happening in the background,” he said.
Francisco was referring to the public private partnership (PPP), the much-publicized push of Duterte's predecessor, Benigno "Noynoy" Aquino III to tap private sector funding for infrastructure projects that got off to a low start.
Duterte plans to build P8 trillion in new roads, bridges, railways and airports during his six-year term to spur economic growth.