China has pledged to invest more than 22 billion dollars into the Philippines in a deal to advance the Southeast Asian nation's mineral and renewable energy sectors.

Government officials in Manila made the announcement on Friday.

About 60 percent of the funds, or about 13.7 billion dollars, will likely go into renewables.

Another 7.3 billion dollars is earmarked for processing minerals such as nickel, a key material in electric car batteries.

The deal comes after Philippine President Ferdinand Marcos Jr. made a three-day visit to China earlier this week.

The Philippine government wants 50 percent of the country's total power generation to come from renewables by 2040.

In December, authorities amended a law to allow foreign investments into the sector.

Marcos said the deal with China will support his country's economic recovery and create more jobs.

But local media aren't so sure.

Reports say the previous government also had massive investment plans with China, but only a fraction of the funds were delivered.

He met President Xi Jinping on Wednesday, and also attended roundtable meetings and called on Chinese businesspeople to invest in his country.