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  • Writer's pictureMelo Acuna

RMB500 million grant signed

China, Philippines sign RMB500-M grant for economic and technical cooperation

MANILA – The Department of Finance today said the Philippines and China signed an agreement on economic and technical cooperation that will extend some 500 million renminbi or about P3.72 billion/US$77.38 million to support the implementation of infrastructure projects and other development projects of the Duterte government.

Undersecretary Mark Dennis Joven from the International Finance Group signed the agreement on behalf of the Philippines while Vice Chairman Deng Boqing of the china International Development Cooperation Agency (CIDCA) signed on behalf of the Chinese government.

The signing was witnessed by Foreign Affairs Secretary Teodoro L. Locsin, Jr. and Chinese State Councilor and Foreign Minister Wang Yi in ceremonies at the Shangri-La at the Fort in Taguig City.

The grant will support livelihood projects, infrastructure facilities, feasibility studies for major projects and other projects to be agreed upon by both Chinese and Philippine governments.

“This may possibly include support for COVId-19 related activities and response measures,” Undersecretary Joven said.

Today’s agreement worth RBM500 million, according to the DOF statement, brings to seven the grant agreements executed and signed with the Chinese government by the current leadership.

The total grant resources from the Chinese government now amounts toi RMB3.25 billion or US$496.97 million.

The six agreements signed with China amounted to RMB2.75 billion or US$417.5 million combined.

The projects supported or presently funded under the six grant agreements include the construction of bridges within Pasig-Marikina rivers including the Binondo-Intramuros, Estrella-Pantaleon, the Bucana Bridge in Davao River, the reconstruction of Marawi City and the procurement of container inspection equipment of the Bureau of Customs. (Melo M. Acuña)

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