China commits money for Marawi rebuilding projects
THE Chinese government has identified 12 Philippine projects that it plans to finance, including a donation for the rehabilitation of war-torn Marawi City, the Department of Finance said on Monday.
In a statement, the DoF said Finance Secretary Carlos Dominguez III told China’s Commerce Ministry officials in Beijing last week that there had been “additional progress” in firming up the first basket of projects that the Philippines was pitching for financing from the mainland.
“We recognise and appreciate the continuing engagement between our governments to speed up the preparations of the big-ticket infrastructure projects. Both governments are exerting efforts to streamline and expedite the approval process for the flagship projects,” Dominguez told the Chinese side led by Commerce Minister Zhong Shang.
For his part, Zhong was quoted by the DoF as telling the Philippine side during the meeting that they “[needed] to prioritise eight projects under the first basket so that substantial progress would have already been made by the time Premier Li Keqiang visits Manila in November” on the sidelines on the 31st Asean Summit.
According to Zhong, the first basket of projects to be funded by China included the following: 4.6-billion peso ($89.8 million) Binondo-Intramuros and 1.4-billion peso EstrellaPantaleon bridges in Manila, which will be financed by grants; 10.9-billion peso New Centennial Water SourceKaliwa Dam Project; and 2.7billion peso Chico River Pump Irrigation Project in Cagayan and Kalinga provinces.
Also part of the initial batch of projects were the elevated expressway in Davao City; construction of an industrial park; as well as two drug rehabilitation facilities, according to Zhong.
The Chinese government will also finance four more Philippine projects namely: Reconstruction of Marawi under a 20 million yuan ($3 million) donation in kind; Panay-GuimarasNegros Island bridges; the provisions under the enforcement and security cooperation agreement between Manila and Beijing; and construction of an agriculture technical centre, Zhong added.