CHINA INFRA FIRMS TO PASS THROUGH CLEARING PROCESS

SOCIOECONOMIC Planning Secretary Ernesto Pernia on Friday assured that there would be “clearing mechanisms” for Chinese companies looking to participate in the Duterte administration’s infrastructure program.

“On the China side, they have “And for our side, the ICC to clear the companies to bid for (Investment Coordination Comthe project and they have to give us mittee) will serve as a screening trustworthy candidates, those with process for us to be able to pick good reputation,” Pernia said in an the one to undertake the project,” economic forum organized by the he added. Economic Journalists Association Pernia said that hiring workers of the Philippines. from China for China-financed infrastructure projects in the country would depends on agreements sealed.

“Well, it depends on the agreement. But I think in projects in countries in Asia, they have brought some labor. I don’t know - nitely Filipino workers will also participate,” he said.

“We really need to try to lure our OFWs (overseas Filipino workers) because there will be a lot of employment for them available especially starting next year when will be breaking ground.”

Pernia said the country had not signed yet any project for China involving grants.

China carried a 2-percent interest rate per year, while the grace development assistance which is 10 to 15 years.

The country has identified a list of 15 projects for Chinese financing that are estimated to cost $ 6.96 billion.