The Philippines has bagged a grant worth 500 million renminbi (about P3.72 billion) from China that will be used to support the implementation of infrastructure projects and other development initiatives of the government.
In a statement on Saturday, the Department of Finance (DoF) said Undersecretary Mark Dennis Joven signed the grant agreement on behalf of Manila and Vice Chairman Deng Boqing of the China International Development Cooperation Agency signed on behalf of Beijing.
The grant aims to support livelihood projects, infrastructure facilities, feasibility studies for major projects, and other projects to be agreed upon by the parties, it added.
“Subject to further discussions between our two governments and depending on the requirements, this may possibly include support for Covid-19-related activities and response measures,” Joven was quoted as saying in the statement.
Foreign Affairs Secretary Teodoro Locsin Jr. and visiting China State Councilor and Foreign Minister Wang Yi witnessed the signing in a ceremony held at the Shangri-La at the Fort in Bonifacio Global City, Taguig City.
The signing of the accord brings to seven the number of grant agreements executed and signed with the Chinese government by the Duterte administration.
This brings the grant funds to 3.25 billion renminbi, or about $496.97 million.
“Earlier agreements aim to support the conduct of pre-feasibility studies, feasibility studies, provision of equipment, and implementation of infrastructure and other agreed projects,” the Finance department said.
Among the projects being supported or currently funded under these six grant agreements are the construction of bridges (along the Pasig-Marikina rivers connecting Binondo and Intramuros, Estrella and Pantaleon; and along the Davao River [Bucana Bridge]); the reconstruction of Marawi City; and the procurement of container inspection equipment of the Bureau of Customs.