PH, China execs to discuss infra projects
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Mon, 18 Mar 2019 16:17:47 +0000
Philippine and Chinese officials will be meeting in Beijing today to discuss infrastructure initiatives, the Finance department announced on Monday.
In a statement, the department said a delegation led by Executive Secretary Salvador Medialdea would meet with representatives of China’s Ministry of Commerce “to firm up possible new agreements on infrastructure cooperation between the two countries.”
To recall, the Safe Philippines Project Phase 1, Subic-Clark Railway Project, construction of five bridges across the Pasig-Marikina River and the Manggahan Floodway, and the Ambal-Simuay River and Rio Grande de Mindanao River Flood Control projects were included in a second basket of projects up for possible Chinese financing.
The Finance department said China had so far extended a total of $290.8 million in grants to finance the construction of the Binondo-Intramuros Bridge and Estrella-Pantaleon Bridge in Metro Manila and two drug rehabilitation facilities in Sarangani and Agusan del Sur.
It has also provided support for the conduct of pre-feasibility and feasibilty studies of projects, donated materials/equipment for law enforcement, aid for victims of typhoon Vinta and earthquake-hit areas in Surigao and conflict-affected areas in Marawi City, constructed the Davao River Bridge (Bucana) project and donated container inspection equipment, the department added.
The Philipines and China have also exchanged documents for a $211.21-million loan and guarantee agreements for the New Centennial Water Source-Kaliwa Dam Project, which has come under the spotlight given massive water service interruptions in Metro Manila.
Finance Secretary Carlos Dominguez 3rd has been criticized for pushing the project as a solution to the water crisis. He responded by saying that allegations it would drive the Philippines into a debt trap were “misleading”, claiming that the Duterte government had managed to achieve loan terms that were better compared to a similar project undertaken during the Arroyo administration’s term.
In Beijing, the Philippine delegation will also meet with Chinese Vice President Wang Qishan.
Separate meetings will also be held with officials of the Export-Import Bank of China and the China International Development Cooperation Agency, the office in charge of reviewing and implementing Beijing’s foreign aid projects.
On March 20, meanwhile, a Philippine Economic Briefing will be held to showcase the opportunities available in the Philippines.
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