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By Darwin G. Amojelar, Reporter
THE National Economic and Development Authority
(NEDA) said the People’s Republic of China’s financial aid to
the Philippines doubled last year, as the world’s fastest growing
economy offered easy loans.
Document from NEDA showed that Chinese loans to
the Philippines surged 139 percent to $1.1 billion from the $460
million in 2006.
Projects the communist state funded include the
$35-million Banaoang Pump Irrigation Project of the National
Irrigation Administration in 2002, the $27.6-million General Santos
Fish Port Complex Expansion Project of the Department of
Agriculture, and the $50-million Non-Intrusive Container Inspection
Project Phase 1 of the Bureau of Customs.
The Chinese government also provided
$400-million financing for the $503.05-million North Rail Project
Phase 1 from Caloocan to Malolos, Bulacan, and a separate
$500-million loan for the $573.66-million North Rail’s Phase 2
from Malolos to Clark. Funds for these projects come from the
Preferential Buyer’s Credit of the Export-Import Bank of China,
among others.
The projects are listed under the Philippines’
Comprehensive Investment Infrastructure Program.
China is the Philippines’ fourth biggest
source of official development assistance (ODA).
The Japan Bank for International Cooperation
topped the list with $3.64 billion or 46 loans, followed by the
Asian Development Bank with $1.98 billion for 23 loans, and the
World Bank with $1.838 billion for 26 loans.
The Organization for Economic Cooperation and
Development defines ODA as flows of official financing administered
with the promotion of the economic development and welfare of
developing countries as the main objective, and which are
concessional in character with a grant element of at least 25
percent, using a fixed 10-percent rate of discount.
NEDA said the infrastructure sector remains the
biggest recipient of ODA loans with $5.53 billion for 61 projects.
The agriculture sector came second with $1.67 billion or 17 percent;
social reform and development sector, 12 percent; and industry,
trade and tourism sector, 7 percent.
In terms of disbursement, the Philippines used
only $1.95 billion for 130 projects last year, down by one percent
compared with $1.97 billion for 141 projects in 2006.
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