MANILA, Philippines, April 27 (UPI) -- China and the Philippines signed $1.5 billion worth of trade and investment deals Wednesday during the Chinese president's visit to Manila.
China will provide investments and loans to fund Philippine infrastructure and mining projects, the BBC reported. The Philippines has vast mining resources that remain largely unexploited.
China's state oil company also agreed to a possible $10 million investment for oil exploration off the coast of Palawan Island in the western Philippines. China's hunger for oil and other resources to fuel its rapidly growing economy makes it an attractive market for the Philippines.
The agreements were signed on the second day of Chinese President Hu Jintao's three-day visit to Manila. Hu is returning Philippine President Gloria Arroyo's visit to China last year.
