Dominguez says $6B in ODA pledge from China a first for PHL

Finance Secretary Carlos Dominguez III on Wednesday said that China has pledged $6 billion in Official Development Assistance (ODA) and $3 billion worth of loans to the Philippines.

"This is the first time we are doing ODA with China so we don't have the complete list of projects yet," Dominguez told reporters in a press conference in Malacañang.

Among the projects that may be funded by ODA money from China are the irrigation project in the Autonomous Region in Muslim Mindanao (ARMM), the P200-billion railway project from Manila to Bicol, and "a lot of infrastructure project within the Greater Manila Area," the Cabinet official noted.

"But our projects really are going to be aimed outside of Greater Manila Area because we want to create jobs for people there, good jobs, so that we can reduce poverty in those areas," Dominguez said.

Infrastructure projects outside of Metro Manila will also connect the farmers and small businessmen in the outlying areas to the main consuming areas of Manila.

"So those are the projects as I mentioned for the China ODA pledges," the Finance chief said.

Dominguez took note that President Rodrigo Duterte has verbally agreed to designate the Investment Coordinating Committee (ICC) of the National Economic Development Authority (NEDA) as "the focal point of the management of our relationship with China."

"Once the President has actually signed an order to do that, the ICC will go to China and ask the Chinese government to designate a single focal point also in China so that the dealings can be government-to-government," he said.

"The ICC will ask the Chinese government to designate and accredit the companies that they believe can do the projects – to accredit them – so that the Philippine side will know which companies to deal with in China," he added.

Last month, Duterte went to Beijing for a four-day state visit to forge closer ties with China after declaring his intention of pushing for an independent foreign policy. — Ted Cordero/VDS, GMA News