Money

PH gets P3.72B grant from China

China has agreed to provide the Philippines with a grant of 500 million renminbi (P3.72 billion) to support the implementation of infrastructure projects and other development initiatives of the Duterte administration.

China has agreed to provide the Philippines with a grant of 500 million renminbi (P3.72 billion) to support the implementation of infrastructure projects and other development initiatives of the Duterte administration.

“Subject to further discussions between our two governments and
depending on the requirements, this may possibly include support for
Covid-19 (coronavirus disease 2019) related activities and response
measures,” Undersecretary Mark Dennis Joven of the International
Finance Group (IFG) of the Department of Finance (DOF) said in a
statement.

Joven 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 of the grant accord was witnessed by Foreign Affairs
Secretary Teodoro Locsin Jr. and visiting China State Councilor and
Foreign Minister Wang Yi, in ceremonies held at the Shangri-La at the
Fort in Taguig City.

The signing of the 500 million renminbi accord brings to seven the
number of grant agreements executed and signed with the Chinese
government by the Duterte administration.

The signing of the latest agreement brings the grant resources from
the Chinese government to a total of 3.25 billion renminbi (P23.854
billion).

The previous agreements aimed 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 along the Davao River (Bucana Bridge); the
reconstruction of Marawi City; and the procurement of container
inspection equipment of the Bureau of Customs (BOC).

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