THE Philippines secured a grant of 500 million renminbi (about US$77.38 million or P3.72 billion) from China to support the implementation of infrastructure projects and other development initiatives of the Duterte administration.
In a statement over the weekend, the Department of Finance (DOF) said the two countries signed on Saturday the grant accord intended to support livelihood projects, infrastructure facilities, feasibility studies for major projects and other projects to be mutually agreed upon by parties.
Finance Undersecretary Mark Dennis Y.C. Joven, who signed the agreement on behalf of the Philippines, said there is also a chance that the grant would be used to support Covid-19 related response measures.
“Subject to further discussions between our two governments and depending on the requirements, this may possibly include support for Covid-19 related activities and response measures,” said Joven, who heads the DOF’s International Finance Group.
For the part of Chinese government, Vice Chairman Deng Boqing of the China International Development Cooperation Agency (Cidca) inked the agreement.
The signing of the grant accord was witnessed by Foreign Affairs Secretary Teodoro L. Locsin Jr. and visiting China State Councilor and Foreign Minister Wang Yi, in ceremonies held at the Shangri-La at the Fort in Taguig City.
With the signing of the RMB-500 million accord, there are now seven grant agreements executed and signed with the Chinese government by the Duterte administration.
Total grant resources received by the Philippines from the Chinese government during the Duterte administration so far reached RMB3.25 billion (about USD496.97 million).
The six grant agreements earlier signed with China amounted to RMB2.75 billion (US$417.5 million) combined.
These earlier agreements aim to support the conduct of prefeasibility studies, feasibility studies, provision of equipment, and implementation of infrastructure and other agreed projects.
Among the projects being supported or currently funded under these six grant agreements are the construction of bridges (along the Pasig-Marikina Rivers connecting Binondo-Intramuros, Estrella-Pantaleon; and along the Davao River [Bucana Bridge]; the reconstruction of Marawi City; and the procurement of container inspection equipment of the Bureau of Customs (BOC).