China urges PH for speedy implementation of its projects
visit of President Duterte is on trade.
Lopez noted that the country’s exports to China and Hong Kong in the January-May period this year jumped by 34 percent, which he attributed to the $1.7-billion commitment of China to import various products, including electronics, minerals, and agriculture items.
Previous to the $1.7-billion importation commitment, China also committed to $100 million in additional importation from the Philippines.
The Chinese government lifted the ban on Philippine bananas in October last year.
“Those are the quick and substan-
China has pressed for timelines on the part of the Philippines as it wants to see the implementation of its investment commitments in the country as soon as possible.
Trade and Industry Secretary Ramon M. Lopez said that some of the committed Chinese projects during President Duterte’s visit have feasibility studies already and are already moving.
“China wants a milestone to show their commitments are materializing,” Lopez said noting that the Chinese have interests in some projects like that have been approved by the NEDA Board under the government’s “Build Build Build” Program.
For instance, he cited the R4-billion Chinese grant for the construction of two bridges along Pasig River. These bridges to be implemented by the Department of Public Works and Highways are the EstrallaPantaleon and Binondo-Intramuros.
The Chinese would like to see the clearances done by government agencies, including the clearing of the construction site to show that concrete things are happening. There are also approvals and documents from other government agencies.
The first impact though from the Chinese economic benefits committed during the high-profile tial indication. We’re seeing the benefits because even Chinese Premier Xi Jinping was aware of the balance of trade and said ‘I will help you’,” he said.
Six years ago, both countries enjoyed a balance trade but when the relations got strained due to the territorial over the West Philippine Sea, China slowed down their import but the Philippines continued importing, resulting in a huge trade deficit on the part of the Philippines.
Aside from the huge joint venture projects signed by the private sector, the Chinese government also committed a total of $9 billion in official development assistance.