PH gives full backing to China-led AIIB and ‘Belt and Road’ Initiative
Finance Secretary Carlos G. Dominguez III assured China of the Philippines’ full cooperation with the Asian Infrastructure Investment Bank (AIIB) as well as the “Belt and Road” program.
In a statement, Dominguez said he believes the AIIB along with the Belt and Road program will “bring lasting benefits to all countries of this region” as these ‘will set the conditions for more comprehensive trade’ in this part of the world.”
Dominguez, at the same time, thanked China for its generosity in supporting the Duterte administration’s ambitious infrastructure modernization program.
He noted “over the past few years, we have developed numerous bilateral mechanisms that will allow closer coordination between our two countries across a broad range of issues and concerns.”
“These bilateral mechanisms are the scaffoldings helping us build a truly functional bilateral relationship,” said Dominguez at a recent briefing on the Philippine economy in Shanghai, China.
Dominguez said he believes the comprehensive cooperation between the Philippines in China, while currently only in its early stages, will “function as a driver of growth in the region” over the next decade.
“We are grateful for the enthusiastic support China has offered to help us grow our economy rapidly. I am sure there are many complementary points that will ensure the sustained growth of an inclusive economy in the Philippines,” Dominguez said.
“There is much to look forward to in our trade and investment partnership. There is much ground for optimism in the vitality of this partnership,” he added.
Dominguez said that while the Philippines and China have been good friends historically, their development ties “may be said to have blossomed only recently” following two significant initiatives from Beijing.
“The Philippines is happy to cooperate with both the AIIB and the Belt and Road program. Both initiatives will bring lasting benefits to all countries of this region. Both will set the conditions for more comprehensive trade among the countries in this part of the world,” Dominguez said.
Dominguez said China has shown “immense goodwill” to the Philippines by offering to build two bridges in the Manila area — the Binondo-Intramuros Bridge and the Estrella-Pantaleon Bridge — that will both help ease traffic congestion in these areas.
He likewise noted that the Philippine economy benefits from numerous investments committed by Chinese enterprises, the increased tourist flow from China, and the expanding bilateral trade between the two countries.