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Gov’t secures P3.7-b grant from China to support infrastructure development

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

Undersecretary Mark Dennis Joven of the International Finance Group of the Department of Finance signed the agreement on behalf of the Philippines, while China International Development Cooperation Agency vice chairman Deng Boqing signed on behalf of the Chinese government.

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

The 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.

The signing of the RMB-500 million accord brought to seven the number of grant agreements executed and signed with the Chinese government by the Duterte administration.

It also brought the grant resources from the Chinese government to RMB3.25 billion ($496.97 million).

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

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

Among the projects being supported or 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.

Topics: Philippines , China , infrastructure development , Department of Finance
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