MANILA, Sept. 4 (Xinhuanet) -- The Philippine media Saturday hailed the economic fruits from the state visit by President Gloria Macapagal Arroyo to China from Sept. 1 to 3, which resulted in a near 1 billion US dollar package of investment and loan agreements.

    Several major Manila-based English dailies reported on front-page the signing of four investment and other business agreements Friday night in Beijing between Chinese and Philippine enterprises which, together with an earlier agreement on Chinese government loan to build a railway in Luzon, northern Philippines, are worth 992 million US dollars in value.

    President Arroyo personally attended the signing ceremony during which she thanked China for showing confidence in Philippine economy by pouring in those investments.

    The daily Manila Standard reported on front page the news with the title "One billion US dollars deals cap visit to China -- GMA (abbreviation for the name of Arroyo) wowed by Chinese display of confidence."

    "She was in seventh heaven. This was how President Macapagal-Arroyo described her feelings yesterday as she prepared to fly back to Manila from a three-day state visit to China, bringing with her a harvest of nearly 1 billion US dollars worth of investments and soft loans," said the Philippine Daily Inquirer.

    The pro-government daily "Manila Bulletin" carried on its frontpage a photo of Arroyo making her keynote speech at the Third International Conference of Asian Political Parties in Beijing, and a story on her ending the visit to China with the title of "Bilateral ties strengthened following trip."

    The local Chinese language newspapers also reported widely the economic agreements reached between China and the Philippines during Arroyo's visit, and all of them described the visit by the president as "one of grace and honor."

    An editorial by the "Chinese Commercial Times," a newspaper representing the views of the Federation of Filipino-Chinese Chambers of Commerce and Industry, described Arroyo's visit as a milestone in relations between China and the Philippines. Enditem