Filtered By: Topstories

Diokno: China fell short of vow to help finance ‘Build, build, build’

China fell short in delivering its promise to help finance the Duterte administration’s big-ticket infrastructure projects under its flagship “Build, Build, Build” (BBB) program, incoming Finance Secretary Benjamin Diokno said.

“Maraming pangako pero di masyadong naka-deliver although nakapag-donate siya ng some bridges tulad ng magandang bridge sa Binondo at ‘yung ginagawa sa Makati. ‘Yun donation lang `yun pero nakatulong din sila in certain ways,” Diokno said in the latest episode of The Mangahas Interviews.

“‘Yung train sa Mindanao, I think China ang gagawa noon. I don't know how much that would cost. I don’t know kung ipagpapatuloy nitong admin,” he said.

Diokno, the current governor of the Bangko Sentral ng Pilipinas (BSP), is set to become the next chief of the Department of Finance (DOF) under the incoming administration of President-elect Ferdinand “Bongbong” Marcos Jr.

As the central banker, he defended the Duterte administration from criticisms while commending how it had spent five percent of its gross domestic product (GDP) for development projects amid the pandemic.

Most of it, however, were funded by Japan and not China under the Official Development Assistance (ODA)  loans entered by the government.

“Maraming projects na nagawa under this administration. In fact, ang mga gastos nila despite the pandemic is around 5 percent of GDP. ‘Yun ang pinaka accomplishment,” he said.

“Hindi totoo na ito lang ang nagawa kasi tingnan mo ang napakahabang listahan ng DPWH. Mga roads…pumunta ka ng Baguio ngayon, you can get to Baguio in 3 1/2 hrs. Maraming ganoon at dapat ipagpatuloy natin yan. How did we finance it? Mostly through ODA.. mostly Japan.. Almost 80 percent Japan-funded,” he said.

In April this year, the Department of Public Works and Highways (DPWH) said that only 12 out of 119 infrastructure flagship projects (IFP) were completed to date, totaling P70.65 billion or 1.4% of the P5.08 trillion total cost of investments to complete the 119 IFPs.

Earlier, Marcos vowed to continue the Build, build, build program under his governance with priority on the establishment of digital infrastructure projects.

GMA News Online is still trying to get the side of the Chinese embassy and would post its comment as soon as it is available.—LDF, GMA News