MANILA – Financing agreements for about 18 infrastructure projects will be signed between the Philippines and China when Chinese President Xi Jinping visits the country in November, Budget secretary Benjamin Diokno said.
“We’re just trying to iron out the remaining documentation for the signing,” Diokno said on Wednesday.
These projects include the New Centennial Water Source-Kaliwa Dam Project; the 581-kilometer Philippine National Railways (PNR) South Long Haul Project; the PNR South Commuter project from Manila to Los Baños, Laguna; and the Binondo-Intramuros and Estrella-Pantaleon Bridges Construction Projects.
These items are included in the two baskets of infrastructure projects that have been submitted for financing after the Philippines and China renewed their ties.
Diokno said the Chinese president might also announce additional aid to the Philippines, but he declined to give specifics.
“It’s big,” the budget chief added. “I think they will also donate more equipment for the Marawi rehabilitation.”
The Duterte administration is prioritizing the construction of numerous infrastructure projects nationwide in a bid to ensure that the country’s economic growth would be felt even by those in remote areas.
The government aims to spend at least P8 trillion until 2022 for its massive infrastructure program.
The construction of most infrastructure projects will be financed by official development assistance loans. (With a report from PNA/PN)
