‘China President Xi to announce new aid to PH’- Diokno
China President Xi Jinping is expected to pledge more aid when he meets with President Duterte in November.
Budget Secretary Benjamin E. Diokno told reporters Wednesday that besides loan agreements for at least two big-ticket infrastructure projects under the Duterte administration’s “Build, Build, Build” program, Xi “might announce additional aid to the Philippines” during his upcoming visit.
“I’m not at liberty to announce how much, but it’s a big amount,” Diokno said.
The Budget chief said agreements for at least 18 projects would be signed when Xi arrives in the third week of November.
Diokno confirmed that the signing of loan agreements for the Metropolitan Waterworks and Sewerage System-led P12.2-billion New Centennial Water Source-Kaliwa Dam Project, as well as the Department of Transportation’s P175.3-billion North-South Railway Project-South Line (Long Haul), would be witnessed by Presidents Duterte and Xi.
Earlier, National Economic Development Authority documents showed that the NSRP-South Line “involves the construction and subsequent operation and maintenance of 581-kilometer standard-gauge long-haul railway operations from Los Baños to Matnog and a branch line from Calamba to Batangas.”
The railway project will cut travel time between Manila and Legazpi, Albay to less than five hours.
Construction of a dam and conveyance tunnel
As for the Kaliwa Dam, the project “involves the construction of a dam and conveyance tunnel that will provide additional 600 million liters of raw water to ensure water security in the whole of Metro Manila and parts of Cavite and Rizal,” according to Neda.
The dam project will reduce the dependence of the National Capital Region and surrounding areas from the Angat Dam Reservoir.
Neda documents showed that 18 projects and programs worth a total of P743 billion were being pitched to be implemented through Chinese financing–16 projects worth P740.5 billion through loans, on top of two projects with a combined cost of P2.5 billion through grants.
Diokno said China would likewise back the development of five scaffolds over the Pasig-Marikina River and Manggahan Floodway, which Neda reports demonstrated would cost P13.7 billion.
An advance from China at that point reached out to the National Irrigation Authority’s (NIA) P4.4-billion Chico River Pump Irrigation Project.
Up until now, the Duterte organization had marked just a single Chinese advance assention, worth P3.135-billion understanding for the water system office, the principal leader framework undertaking to financed by the territory under the “Assemble, Build, Build” program.
The $62.09-million US-dollar designated advance will cover 85 percent of the aggregate contract measure of P3.7 billion and slapped an enthusiasm of 2 percent for each annum, developing in 20 years comprehensive of a seven-year beauty period.
Filipino and Chinese authorities solidified understandings
Last Monday, Filipino and Chinese authorities solidified the understandings to marked by the opposite
sides to reinforce monetary collaboration among Beijing and Manila amid Xi’s visit.
In an announcement, the Department of Finance said top Filipino and Chinese authorities met in Davao City and
also marked three two-sided archives in front of Xi’s visit. These are the trading of letters for the possibility
investigation of the Davao River Bridge (Bucana) Project; a 50-million renminbi concede for the supply of law implementation
related materials/gear to the Philippines; and the $1-million allow for Typhoon “Vinta” exploited people a year ago.
Every one of the three records marked by the Chinese Ambassador to the Philippines Zhao Jianhua in the interest of
China, while the Philippine side spoken to amid the marking by Philippine Ambassador to China Jose Santiago Sta. Romana and Defense Undersecretary Ricardo Jalad.
than five assertions marked with China on the sidelines of Xi’s visit was “on track.”
“The understandings cover advance and certification agrees, financial and specialized collaboration, bolster
for the plausibility thinks about on the Philippines’ framework extends, and advancing participation
on key ‘Form, Build, Build’ extends in Mindanao,” the DOF said.
Extending helpful financial
Dominguez was cheerful that their gathering would “keep extending the commonly helpful financial,
exchange and venture participation” between the Philippines and China.
In the interim, China’s State Councilor and Foreign Minister Wang Yi, who drove the Chinese appointment, featured the need
to reinforce monetary collaboration to “[realize] the long haul stable companionship between our two nations.”
The DOF cited Wang as saying that the reciprocal exchange among China and the Philippines hopped by more
than 500 percent amid the primary half, with the end goal that “the financial
participation between our two nations presently are in a decent position.”