The Philippine visit to Malaysia received some positive investments for the Philippines after the Philippine delegation headed by Pres. Rody Duterte secured a new mega project worth $1 Billion for Filipinos. A private-to-private memorandum of understanding was signed between the Philippines and Malaysia.
According to Trade Secretary Ramon Lopez the investments of Malaysia to the Philippines will go through the usual process. The Philippine delegation considered the Malaysian investment as a welcome development for the country.
Sec. Lopez that clarified that the signed MOU would go through the usual process with the Department of Transportation (DOTr) before Pres. Duterte approves the project.
The DTI Secretary noted further that the Philippine delegations to Malaysia did not include the business communities but the MOU was considered as an initiative of the Philippine Company A. Brown and its Malaysian counterpart East-West Rail Transit Corp.
The Duterte administration promise to finish the $1 billion railway project connecting Diliman, Quezon City and Quiapo in Manila in at least 36 months from the approval.
For the national government deals in Malaysia, DTI Secretary revealed that an MOU worth $200 million would be signed between the government of Malaysia and the Philippine government.
According to Azmil Bin Khalid, Malaysia-Philippines Business Council chairman, said the council would help promote the Philippines as a new investment destination with big potentials for infrastructure, halal and agriculture sector development.
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