An interagency task force created in April is closely monitoring the preparation and processing of flagship infrastructure projects that are being rolled out with funding support from China, Finance Secretary Carlos Dominguez III said.
Dominguez said during a high-level meeting in Beijing with Chinese officials led by Commerce Minister Zhong Shan on Aug. 23 the China Projects Task Force “has been effective in monitoring and facilitating the preparation and implementation” of projects proposed for China’s official development assistance loans.
Dominguez said the Philippines also welcomed the creation of the China International Development Cooperation Agency as one of the reforms announced during China’s 13th National People’s Congress in March 2018. “We look forward to working with them,” he said.
CIDCA, which is directly under China’s State Council, is the lead agency that provides government concessional loan financing.
Led by Dominguez, the other members of the Philippine delegation who also attended the meeting were Foreign Affairs Secretary Alan Peter Cayetano, Philippine Ambassador to China Jose Santiago Sta. Romana, Economic Planning Secretary Ernesto Pernia, Budget Secretary Benjamin Diokno, Public Works Secretary Mark Villar, Transportation Secretary Arthur Tugade and Bases Conversion and Development Authority president Vivencio Dizon.
Dominguez, on behalf of the Philippine government, expressed appreciation for China’s continuing support to the Philippines and said that he was looking forward to “greater cooperation and stronger engagement” between the two countries to ensure the timely implementation of the priority projects under the Duterte administration.
Zhong said China was willing to step up the exchange of information with the Philippines involving the projects being undertaken with Chinese funding support and meet more frequently with Filipino officials to speed up project implementation.
Zhong said the Philippines’ plan to invest revenues from tax reform in the Philippines’ infrastructure modernization program was a “visionary move” on the part of President Duterte given that transport and infrastructure development was also a key factor in the rapid expansion of China’s economy.
