China pledges $9B in aid, loans to Philippines: finance chief

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2016/nation2/10/20/duterte-xijinping-china.jpg"/><figcaption><div class="embed-desc">President of the Philippines Rodrigo Duterte (L) and Chinese President Xi Jinping attend a welcoming ceremony at the Great Hall of the People in Beijing, China, October 20, 2016. Thomas Peter, Reuters</div></figcaption></figure></div><p>MANILA – China has pledged $6 billion in official development assistance and $3 billion in loans to the Philippines, which President Rodrigo Duterte will use to spur infrastructure development in the countryside, his finance minister said Wednesday.</p><p>The projects that may be funded with Chinese aid include a P200-billion railway from the capital, Manila, to the Bicol region and a large irrigation project in the Autonomous Region in Muslim Mindanao, Finance Secretary Carlos Dominguez said.</p><p>“Our projects will be aimed outside the greater Manila area because we want to create jobs for people there, good jobs so we can reduce poverty,” he told reporters.</p><figure class="op-interactive"><iframe allowfullscreen="" frameBorder="0" height="315" src="https://www.youtube.com/embed/DHusLagQYSw" width="560"></iframe></figure><p>Improving road networks from the provinces to Metro Manila will improve the flow of trade, he said.</p><p>Dominguez said the Investment Coordinating Committee of the National Economic Development Authority was tasked to coordinate with its Chinese counterpart to discuss the aid pledges.</p><p>Duterte was on a four-day state visit to China earlier this month, where he sought to <a href="http://news.abs-cbn.com/news/10/20/16/duterte-heralds-springtime-in-ties-with-china">repair ties</a> that were strained by disputes in the South China Sea. He also secured <a href="http://news.abs-cbn.com/business/10/21/16/duterte-heads-home-from-china-with-24-billion-deals">$24 billion in investment pledges</a> from Chinese companies.</p>

<p>China has pledged $6 billion in official development assistance and $3 billion in loans to the Philippines, which President Rodrigo Duterte will use to spur infrastructure development in the countryside, his finance minister said Wednesday.</p>

China has pledged $6 billion in official development assistance and $3 billion in loans to the Philippines, which President Rodrigo Duterte will use to spur infrastructure development in the countryside, his finance minister said Wednesday.

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China pledges $9B in aid, loans to Philippines: finance chief

China pledges $9B in aid, loans to Philippines: finance chief

ABS-CBN News

Published Nov 02, 2016 12:57 PM PHT

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China

diplomacy

official development assistance

infrastructure

China state visit

Carlos Dominguez

Rodrigo Duterte

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