China’s Belt and Road plan to benefit PH, Asean

THE Association of Southeast Asian Nations’ (Asean) looming economic integration and the China’s Belt and Road initiative will shape the development of the region’s economies, in particular the Philippines, Finance Secretary Carlos Dominguez III said.

During the recent 7th Executive Board Meeting of the ChinaAsean Bank Association (Caiba) at Shangri-La at the Fort in Taguig City, Dominguez said China and Asean’s move to ensure the fast fortuitous for the Philippines.”

and Road initiative. That comple - integration and economic cooperation more intensive,” he said.

- opment of the region’s economy through the length of this Asian Century. The Belt and Road initia - prise since the construction of the Great Wall. Unlike the Great Wall, cooperation instead of repelling in

China earlier expressed its plan to invest heavily in its trading partners’ infrastructure through the initiative. Similarly, the Philippine government also announced its plans to invest in a massive infrastructure modernization pro bid to attract more investors and

most fortuitous for the Philippines. The economic strategy of the Duterte administration aims precisely to achieve high and through the modernization of infrastructure,” Dominguez said.

- gram looks precisely at easing the movement of people and goods to encourage more investments. is the key to achieving inclusive

China is also providing its strong support for the Philippines’ efforts - the Pasig River.

Manila Flood Management Pro the China-led Asian Infrastructure Investment Bank (AIIB) and the World Bank.

Dominguez said this program, during the monsoon season, - sources of funding for development projects.”

Bond market

He also said the Bank of China also helped the Philippines in gaining a foothold in the Panda bond market.

renminbi-denominated bond in happy that the bank has come to our assistance,” Dominguez said.

efforts in bringing the Philippines’ - tors, as demonstrated in the last Shanghai,” he added.

Earlier this year, Dominguez - Standard Chartered Bank (China) in Manila.

- - guez and Liu Liange, president of the Export-Import Bank of China, - ship infrastructure projects—the Water Source of the Metropolitan ( MWSS) and the Chico River Pump Irrigation facility of the -

memorandum of understanding - merce Minister and International Trade Representative Fu Ziying to indicative list consisting of the second basket of key infrastructure cooperation projects for possible

They also signed an economic and technical cooperation agree - lion renminbi ( approximately $23 million) Chinese grant for the government’s quick recovery and reconstruction program for

During President Duterte’s visit Philippines secured $24 billion in investment and trade pledges, billion are from business deals President Xi Jinping committed assistance and loans from the Export-Import Bank of China, the China Development Bank, and the Bank of China.

Dominguez said China’s package of assistance and investment [the Philippines’] efforts to spur

- South Long Haul Line from Manila to Bicol,” Dominguez said.