Roque keynotes Belt & Road Initiative Forum
HONG KONG – With only two of 75 China-sponsored projects completed since 2016, lawyer Harry Roque said geopolitical challenges in the South China Sea and the Strait of Taiwan might further derail the realization of the rest of these projects under the Belt and Road Initiative (BRI).
For him, the worsening tension – primarily between China and the US and, by extension, the Philippines – in the Indo-Pacific region could become the biggest stumbling block to implementing the projects financed by the Chinese government and private sector.
Roque spoke on “BRI’s Missed Opportunities during the Duterte Administration” at the 2023 Belt & Road Forum last April 14 at Ocean Park Marriot Hotel. The event coincided with the 10th founding anniversary of BRI.
In 2018, the Philippines and China signed a BRI memorandum of understanding that espoused cooperation in infrastructure and connectivity, trade and investment, finance, policy dialogue and socio-cultural exchange.
It was renewed during President Marcos’ state visit to China in January.
“Shortly after the President’s trip to China, he announced four additional military bases, which will host American troops and armaments under the Enhanced Defense Cooperation Agreement,” he noted in his speech.
Roque expressed optimism that the Philippines-China bilateral relations would remain stable since the country ratified the Regional Comprehensive Economic Partnership (RCEP). “While we secured our defense policy with the Americans, we have fortified our economic link with China through RCEP, the world’s largest free trade agreement.”
He noted that the Binondo-Intramuros Bridge and the Estrella-Pantaleon Bridge were the only Chinese-funded projects completed by the end of the Duterte administration.
“Despite the renaissance of Philippines-China relations during the term of former president Duterte, most BRI projects did not proceed accordingly,” he said. “China’s foreign direct investment to the Philippines is minuscule compared to its investments in Vietnam and Malaysia.”
“At the height of our relations with China, we had few infrastructure projects. Now, we have another thorny issue with China related to the EDCA bases.”
Among the flagship projects identified in the 2018 BRI memorandum are the Chico River Pump Irrigation Project and Kaliwa Dam Projects. Indigenous communities and environmental activists have opposed the ongoing projects.
Roque said civil engineering work has started in the New Clark City Development Project, touted as the first smart metropolis in the country. He also said the proposed Mindanao Railway Project is in danger of being scrapped.