• By The Financial District

CHINA GIVES P3.72 BILLION GRANT TO PHILIPPINES

The Philippines and China signed an agreement on economic and technical cooperation that will provide the Philippines with a grant of 500 million renminbi (about US$77.38 million or P3.72 billion) from China to support the implementation of infrastructure projects and other development initiatives of the Duterte administration.

Undersecretary Mark Dennis Joven of the International Finance Group (IFG) of the Department of Finance (DOF) signed the agreement on behalf of the Philippines, while Vice Chairman Deng Boqing of the China International Development Cooperation Agency (CIDCA) signed on behalf of the Chinese government.


The signing of the grant accord was witnessed by Foreign Affairs Secretary Teodoro Locsin Jr. and visiting China State Councilor and Foreign Minister Wang Yi, in ceremonies held at the Shangri-La at the Fort in Taguig City.


The RMB500-M grant is intended to support livelihood projects, infrastructure facilities, feasibility studies for major projects and other projects to be mutually agreed upon by the parties.


“Subject to further discussions between our two governments and depending on the requirements, this may possibly include support for COVID-19 related activities and response measures,” Joven said.


Today’s signing of the RMB-500 million accord brings to seven the number of grant agreements executed and signed with the Chinese government by the Duterte administration.


The signing of the latest agreement brings the grant resources from the Chinese government to a total of RMB3.25 billion (about USD496.97 million).


The six grant agreements earlier signed with China amounted to RMB2.75 billion (US$417.5 Million) combined.


These earlier agreements aim to support the conduct of pre-feasibility studies, feasibility studies, provision of equipment, and implementation of infrastructure and other agreed projects.


Among the projects being supported or currently funded under these six grant agreements are the construction of bridges (along the Pasig-Marikina Rivers connecting Binondo-Intramuros, Estrella-Pantaleon; and along the Davao River [Bucana Bridge]); the reconstruction of Marawi City; and the procurement of container inspection equipment of the Bureau of Customs (BOC).



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