China extends $75-M grant for 2 bridges
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by Land Asia Listings
- March 21, 2017
- Real Estate Updates
- 0
Updated March 20, 2017 – 12:00am
http://www.philstar.com/
MANILA, Philippines – The Philippines will receive $75 million worth of grant assistance from China for the construction of two bridges that would help ease traffic congestion in Metro Manila, the Department of Finance (DOF) said over the weekend.
Dominguez told The STAR Beijing agreed to give the grant to Manila during a meeting with a high-level Chinese delegation led by Vice Premier Wang Yang in Davao City last week.
The two bridges are among the projects the DOF is eyeing for immediate implementation within the year. These were proposed by the Department of Public Works and Highways to ease traffic woes in Metro Manila.
The two projects are part of the Chinese government’s commitment to provide assistance in solving Metro Manila’s traffic woes. Aside from the bridges, the DOF said Beijing is also eyeing the provision of housing support to informal settlers to help decongest the city.
Dominguez also expressed gratitude for China’s $1 million donation for the earthquake-hit province of Surigao and its ongoing $15 million financing under the anti-illegal drugs and law enforcement security cooperation agreement signed during President Duterte’s state visit to China last year.
A high-level Chinese delegation went to Davao last week and discussed with Cabinet officials the implementation of the Philippines’ large-scale infrastructure projects through Chinese grants and loans.
During the meeting, China Vice Minister of Commerce Fu Ziying and Dominguez formalized their agreement for the conduct of feasibility studies for the proposed Davao City Expressway and the Panay-Guimaras-Negros Island Bridges Project through an exchange of letters.
“The exchange of letters will enable the dispatch of Chinese experts to conduct preliminary studies on the two projects,” the DOF said in a statement.
“The grant assistance is aligned to the Memorandum of Understanding on supporting the conduct of feasibility studies of major projects signed between the DOF and China’s Ministry of Commerce in October 2016,” it added.
The two projects are among the 25 proposals the Philippines earlier submitted to China for possible feasibility study support.
Socioeconomic Planning Secretary Ernesto Pernia and Fu, during the meeting, also signed the Six-Year Development Program which aims to steer stable and orderly development of economic cooperation between the two countries.
The meeting also focused on the two countries’ bilateral cooperation in trade, investments, agriculture and fisheries, and tourism, as well as regional concerns, such as the China-led Regional Comprehensive Economic Partnership and the Philippines’ chairmanship of the ASEAN this year.
According to the DOF, China may increase its investments in Davao and Palawan, particularly in the fields of agriculture, aquaculture and fisheries.
“The Chinese side will encourage well-known agricultural companies in China to invest in and cooperate with the Philippines and possibly explore setting-up of demonstration areas to showcase advance practices in agriculture, including investments in aquaculture,” the DOF said.
Beijing has also committed to bring one million tourists from China to the Philippines to help realize the goals of the ASEAN-China Year of Tourism, which was launched in Manila last March 16.
According to the DOF, the Chinese government has expressed willingness to provide funding through other sources aside from the China EXIM Bank’s concessional and preferential buyer’s credit facilities. These include the China Development Bank and Bank of China.
China has also agreed to extend support should the Philippines acquire co-financing with other multilateral development banks, such as the Asian Infrastructure Investment Bank.
