Duterte is a prophecy!
According to foreign media news on July 29, the director of the Philippine Military Base Renovation and Development Authority (BCDA) and former Secretary of Defense Delfin · Lorenzana said: China has withdrawn from the Subic-Clark railway project very directly, which was originally an infrastructure project worth 50 billion Philippine pesos, equivalent to about 6.2 billion yuan, and now the Philippines can only seek help from United States or Japan, hoping that the United States and Japan can provide funds for the freight railway project.
The Philippines is now in contact and negotiating with Japan, United States companies and government financing institutions on this issue, as was the case when BCDA President and CEO Joshua · Bincang visited Japan in June. It's just that until now, the Philippine side still doesn't know who will be the last investor.
In addition to this railway construction project, after Marcos took office and changed his attitude toward China, the mainland has withdrawn three major railway investment projects in a row, even after Sino-Philippine relations were not as good as before. When Marcos made the decision to tilt toward United States, Harry ·Roque, the spokesman of former Philippine President Rodrigo Duterte, spoke on television, saying that Marcos' decision was a very big mistake, which would not only have a negative impact on China-Philippines relations, but also lead to a decrease in Chinese investment in the Philippines.
You must know that in the first half of 2023, China's investment in the Philippines will reach 1.07 billion US dollars, which directly sets a record high for China's investment in the Philippines. President Marcos also made public the list of the total amount of investment in the Philippines after he took office, of which China's investment is also as high as 24.2 billion US dollars, which directly exceeds the total investment of the United States and Japan in the Philippines.
For a long time, United States's investment in the Philippines has not been high, basically a year of 1 billion US dollars, even to the Thailand, the United States is much more generous, in 2023, when the United States is still investing in the Philippines at 1 billion US dollars, their investment in Thailand has reached 2.3 billion yuan.
Therefore, China's resolute withdrawal of investment this time caught the Philippines by surprise, and most businessmen did not dare to continue to bet on the Philippines, because they felt that the relationship between countries would greatly affect the investment results. Even the United States and Japan may not have expected that China's withdrawal would come so quickly!
What do you think about this?