• PH submits 40 projects for China financing, feasibility studies


    THE Philippines has submitted 40 large and small infrastructure projects to China for possible loan financing and assistance in conducting feasibility studies, the Department of Finance (DOF) said on Wednesday.

    The submission took place during the meeting of a high-level Philippine delegation with officials of China’s Commerce Ministry in Beijing earlier this week, the DOF noted in a statement.

    Of the 40 projects, 15 are for loan financing while 25 are for feasibility study support, it added.
    Further discussions on the details of these proposals will take place in Manila next month, the Finance department said.

    Three of the large-scale projects submitted for loan financing were meant to raise the productivity of small farmers, improve transportation and logistics services in underserved areas of Luzon and ensure a steady water supply to Metro Manila.

    These projects, with a combined value of $3.4 billion, are the Chico River Pump Irrigation Project in the provinces of Cagayan and Kalinga with an estimated cost of $53.6 million, the $374.03-million New Centennial Water Source-Kaliwa Dam Project in Quezon and the $3.-billion South Line of the North-South Railway from Manila to Legaspi City in Bicol.

    Finance Secretary Carlos Dominguez 3rd said the other projects are relatively small in scale and easier to implement, such as the construction of bridges across the Pasig River to ease traffic congestion in Metro Manila.

    Dominguez led the Philippine delegation which includes Secretaries Benjamin Diokno of the Department of Budget and Management (DBM), Arthur Tugade of the Department of Tran sportation (DOTr) and Mark Villar of the Department of Public Works and Highways (DPWH) and Ernesto Pernia of the National Economic and Development Authority (NEDA).

    The DOF chief said the meeting was a “productive first step towards achieving the desire of (Philippine President Rodrigo Duterte and Chinese President Xi Jinping)” in further reinforcing ties between the two countries.”

    “It was a very positive and very productive meeting,” Dominguez was quoted as saying in an interview with members of the Chinese media.

    “My expectation is that the projects that we have discussed would be implemented very quickly and that it would benefit both (the) people (of China and the Philippines),” he added.

    Dominguez said the generous assistance offered by China to the Philippines is among the concrete results of the President’s foreign policy rebalancing towards accelerated integration with Association of Southeast Asian Nations and its major Asian trading partners.

    He said that amid the global uncertainty over a possible overhaul of US trade policies under the new presidency of Donald Trump, it was a “very smart” move by President Duterte to recalibrate the Philippines’ foreign policy early on and reorient the economy toward greater integration with its Asian neighbors.

    In the meeting with Minister Gao Hucheng of the Ministry of Commerce of the People’s Republic of China, Dominguez informed Chinese officials about the Duterte administration’s three priority objectives: to reduce poverty, develop a law-abiding citizenry and establish a society whose citizens are at peace among themselves and with their neighbors in the international community.

    Dominguez said the 40 projects aim to help realize the President’s primary goal of reducing poverty.

    The Philippines, he said, looks up to China in attaining this goal, citing the infrastructure buildup that the latter undertook in the 1980s and 1990s, which had helped it make remarkable progress in reducing poverty and inequality among its people.

    On the last day of two-day mission, the Philippine delegation was set to meet with officials of China’s Ministry of Foreign Affairs, National Development and Reform Commission (NDRC) and China Investment Corp.

    NEDA Deputy Director-General Rolando Tungpalan, DPWH Undersecretaries Emil Sadain and Karen Jimeno and Bases Conversion and Development Authority (BCDA) president-CEO Vivencio Dizon were also part of the delegation.

    DOF Assistant Secretaries Ma. Edita Tan and Mark Dennis Joven, DOTr Assistant Secretaries Leah Merida Quiambao and Cesar Chavez and Assistant Secretary Julia Nebrija of the Metro Manila Development Authority were also part of the delegation.


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