Large investments from China, Japan

Finance Secretary Carlos Dominguez III on Monday said the Philippines’ growth path got a boost following huge investments and aid pledges by economic leaders China and Japan.

In a statement, Dominguez said the record-high $9 billion aid and investment commitment by Japan over the next five years and China’s $24 billion aid and investment pledge “make up the initial investment dividend from the President’s foreign policy rebalancing towards accelerated integration with our ASEAN (Association of Southeast Asian Nations) peers and major Asian trading partners China, Japan, and South Korea.”

“Also, such financial assistance from Beijing and Tokyo at the onset of this administration best illustrate the international community’s deepening confidence in the Dute- rte presidency that drown out the political chatter emanating from certain quarters,” he pointed out.

The DOF chief said the President’s goal for greater integration with neighboring countries “will continue and will serve as a strong foundation for cooperation with our fellow members in the ASEAN as well as with Japan, China and our other Asian neighbors.”

Japan Prime Minister Shinzo Abe, during his state visit last week, said official development assistance (ODA) and private sector investments will be created for business opportunities in the next five years.

In October, Trade and Industry Secretary Ramon Lopez announced that the latter will provide $9 billion in soft loans, including a $3-billion credit line with the Bank of China.