The Philippines and China have signed a 500 million renminbi grant agreement, or about P3.72 billion, to support the implementation of infrastructure projects and other development initiatives of the Duterte administration, the Department of Finance (DOF) said over the weekend.
Mark Dennis Joven, DOF undersecretary, signed last Saturday the agreement on economic and technical cooperation on behalf of the Philippines, while vice chairman Deng Boqing of the China International Development Cooperation Agency signed on behalf of the Chinese government.
The DOF said the grant is intended to support livelihood projects, infrastructure facilities, feasibility studies for major projects and other projects to be mutually agreed upon by the parties.
“Subject to further discussions between our two governments and depending on the requirements, this may possibly include support for COVID-19 related activities and response measures,” Joven said.
The signing of the accord brings to seven the number of grant agreements executed and signed with the Chinese government by the Duterte administration.
The latest agreement brings the grant resources from the Chinese government to a total of 3.25 billion renminbi.
The earlier agreements aim to support the conduct of pre-feasibility studies, feasibility studies, provision of equipment, and implementation of infrastructure and other agreed projects.
Among the projects being supported or currently funded under these six grant agreements are the construction of bridges (along the Pasig-Marikina Rivers connecting Binondo-Intramuros, Estrella-Pantaleon; and Bucana Bridge along the Davao River); reconstruction of Marawi City; and procurement of container inspection equipment of the Bureau of Customs. (A. Celis)