The government of PH has already passed infra projects to China for possible loan financing.
PH – According to the Department of Finance, three large-scale projects have already been passed by the Philippine government to the Chinese government for probable loan financing.
Last year, the relationship between Philippines and China has been put to a test after a territorial dispute took place between the two nations. Each nation firmly claims the ownership of the West Philippine Sea.
The matter has reached the Arbitral Tribunal which sided on the Philippines. However, the Chinese government has not fully welcomed the decision of the Court.
Former Pres. Fidel V. Ramos has been assigned by the Chief Executive as the envoy of the country to China after Pres. Duterte vowed for a peaceful management of the matter.
China is also one of the countries that has been visited by the Philippine President last year. Undeniably, the official state visit of Pres. Duterte to China has rekindled the ties between the two nations.
Reportedly, Pres. Duterte even brought home lots of investment projects for the country. The Filipino fishermen were then allowed by the Chinese government to fish at the Panatag Shoal.
Since the visit of Pres. Duterte to China, things between the two nations smoothed. Based in a previous news report, it is even stated that the 71-year-old Philippine President even expressed that the country is ready to share oil resources with the Chinese nation.
The said oil resources can be found in the disputed territory. In another report, it is stated that the Ambassador of China to the Philippines has offered the Philippine President equipment which could be used for the campaign of Pres. Duterte against terrorism and illegal drugs.
Recently, a news report in Manila Bulletin stated that the Secretary of DOF, Carlos G. Dominguez, said that the board of the National Economic and Development Authority (NEDA) has approved the three projects that will be under the processing for loan application from China.
According to the report, the said projects were the New Centennial Water Source-Kaliwa Dam Project in Quezon, the South Line of the North-South Railway Project (NSRP) which would run from Manila to Legazpi, and the Chico River Pump Irrigation Project in Cagayan and Kalinga.
Furthermore, the DOF Secretary also expressed that aside from the large-scale infrastructure projects which need around $3.4 billion, there were nine projects that were passed by the government’s economic team for the feasibility study.