Filtered By: Money
Money

PHL, China sign infra, economic cooperation agreements —DOF


The Philippines and China on Wednesday signed three cooperation agreements on financing and feasibility studies for infrastructure programs and rehabilitation aid for war-torn Marawi City.

Finance Secretary Carlos Dominguez III and Export-Import Bank of China president Liu Liange signed a financing cooperation agreement for two flagship infrastructure projects—the Kaliwa Dam-New Centennial Water Source of the Metropolitan Waterworks and Sewerage System and the Chico River Pump Irrigation facility of the National Irrigation Administration.

China is providing soft loans estimated at $234.92 million for Kaliwa Dam and $72.49 million for the Chico River irrigation facility under the first basket of infrastructure projects presented by the Philippines for possible Chinese financing.

The Department of Finance said the Chinese loans will cover 85 percent of the total contract amounts of the projects.

The signing ceremonies held in Malacañang were witnessed by President Rodrigo Duterte and Chinese Prime Minister Li Keqiang.

Dominguez also signed a memorandum of understanding with China Vice Commerce Minister and International Trade Representative Fu Ziying to “jointly identify and study” an indicative list consisting of the second basket of key infrastructure cooperation projects for possible Chinese financing.

Among the proposed projects under the second basket are the development of the Subic-Clark Railway, Davao City Expressway, and Panay-Guimaras-Negros Inter-Island Bridge, according to the DOF.

"The conduct of pre-feasibility studies of the Davao City Expressway and Panay-Guimaras-Negros Inter-Island Bridge projects of the Department of Public Works and Highways (DPWH) were funded by a grant from the Chinese government," it said.

"The support for full feasibility studies will be facilitated next by the Chinese government," it added.

Dominguez and Fu also signed an agreement on economic and technical cooperation providing a 150-million renminbi or approximately $23 million in aid of the reconstruction program for Marawi City. — Ted Cordero/VDS, GMA News

LOADING CONTENT