China to fund big-ticket infrastructure projects.
PICS: Chinatopix.com and Philstar
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The Japanese model, that is actively supporting large infrastructure projects to improve the quality of life, seems contagious. The trip to China by the Filipino delegation seems to have achieved the targeted needs.
To provide useful assistance to the Philippines, the Chinese government was ready with its package of bounties. They earmarked 12 projects in the Philippines for financing.
Furthermore, the package includes a rehabilitation project for the devastated Marawi City that is under siege since 6 months. The Department of Finance revealed these details on Monday.
The DOF conveyed this information on behalf of Finance Secretary Carlos G. Dominguez III who led the delegation to China last week. During the meeting with officials of the Chinese Commerce Ministry, Dominguez confirmed that he achieved further progress.
Therefore, the Philippines augmented the list of infrastructure projects that he proposed for funding from China. Commerce Minister Zhong Shang led the Chinese delegation that Dominguez addressed.
He expressed the appreciation of the government of Philippines on the expediting of the larger infrastructure projects. He told them both sides were working to streamline the processes to cut down the lead time for processing.
Consequently, Zhang told him that China had proposed eight big-ticket infrastructure projects for priority funding. This was to ensure that the projects are in an advanced stage by November 2017.
Thus, when the Chinese Premier Li Keqiang visits Manila in November, there will be substantial progress to show.
CThis fist big-basket package would include the following selected projects:
• P10.9-billion New Centennial Water Source-Kaliwa Dam Project;
• P1.4-billion Estrella-Pantaleon bridges in Manila, which will be financed by grants;
• Building an elevated expressway in Davao City;
• Construction of an industrial park;
• Two drug rehabilitation facilities,
• P4.6-billion Binondo-Intramuros, funding by grants;
• P2.7-billion Chico River Pump Irrigation Project in Cagayan and Kalinga provinces.
In addition, Zhong explained the other projects that the Chinese government will finance. In fact, four more projects will be funded in the Philippines, Zhong stated.
Thus, the projects are as follows:
• A donation in kind of 20-million-renminbi or $3-million for reconstruction works in the
war-torn Marawi City,
• Constructing an agriculture technical center,
• Constructing bridges on the Panay-Guimaras-Negros Island bridges route, and
• Other provisions covered under the enforcement and security cooperation agreement between
Manila and Beijing.
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Written for: Lars-Magnus Carlsson.
Tuesday, October 03, 2017