3 major China-PH projects starting

Credit to Author: Tempo Desk| Date: Sat, 04 Jan 2020 06:31:28 +0000

THREE major China-Philippines projects took off in the closing months of 2019 – the start of the Reed Bank joint gas and oil development west of Palawan, President Duterte’s directive to proceed with the P12.2-billion Kaliwa Dam project in Rizal and Quezon, and the roll-off of the P175-billion 650-kilometer South Rail Long Haul project in Bicol.

These are three of the projects funded by grants and loans from China. These grants totaled $398 million in 2019, with $400 million more expected in 2022. These are on top of $500 million in soft loans granted for 2020 and planned in succeeding years.

The year 2019 also saw a surge in the two countries’ trade relations. China became the Philippines’ top trading partner last year with $49.8 billion in the first three quarters of the year, with expectations of exceeding the $50-billion thresh­old by the end of the year. The Philippines’ world banana exports, in particular, rose to $495 million, with China as the top buyer.

The increase in bilateral trade has been matched by in­creased investments. More than
http://tempo.com.ph/feed/