Posted on October 25, 2016
By InterAksyon.com
A Philippine company and a Chinese construction and dredging firm have signed an agreement covering a Chinese investment into the ambitious development project in Sangley, Cavite, envisioned to host a new international airport and seaport to help decongest traffic in Metro Manila.
The MOU on the Investment into the so-called Philippine Global Gateway Project of up to $20 billion was signed by All-Asia Resources and Reclamation Corporation (ARRC) President and CEO Engr. Wilson Tieng and Vice President Liu Shudong of the China Communication Construction Company Dredging (Group) Company Limited.
The MOU signing at the Beijing Grand Hotel in China was one of the sidelights of the state visit of President Rodrigo R. Duterte last week.
Under the MOU, CDC will have an initial investment of 2 billion CNY or P15 billion into the PGG, the future multi-modal logistics hub and mixed-used real estate property development in Sangley, Cavite. This is the proposed site of the new international airport and seaport that will help decongest traffic in Metro Manila.
Source: InterAksyon
