Officials and senior executives of CAMC lay the foundation stone for the Chico river pump irrigation project on June 8. [Photo/camce.com.cn]

A ceremony to mark the laying of a foundation stone for the Chico river pump irrigation project was held in the Philippines on June 8.

It is one of the three preferential projects agreed between China’s Ministry of Commerce and the Philippine Department of Trade and Industry at the 28th Philippine-Chinese Joint Commission on Economic and Trade Cooperation (JCETC) in March 2017.

According to the cooperation agreement, the project has received a loan from China of $62.08 million on preferential terms.

China CAMC Engineering Co, a Sinomach subsidiary, won the bid for the construction project in March 2018, with a total contract value of $73.04 million. The construction period will last three years and include the building of a transformer substation, transmission lines, water canals and drainage systems.

The project will create more than 10,000 jobs for local residents. Upon completion, it will provide year-round irrigation of 8,700 hectares of farmland, increasing the output of crops and improving the living standards of local people.

Jin Yuan, economic and commercial counselor of the Chinese embassy in the Philippines, speaks at the foundation stone laying ceremony for CAMC’s Chico river pump irrigation project on June 8. [Photo/camce.com.cn]

Officials and representatives from CAMC pose for a photograph at the foundation stone laying ceremony for the Chico river pump irrigation project on June 8. [Photo/camce.com.cn]