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Manila Bulletin devider Business devider Beijing extends $201-M loan for PH infra projects

Beijing extends $201-M loan for PH infra projects

Published Jan 5, 2023 07:56 am

The Department of Finance (DOF) announced that Manila and Beijing have signed four individual loan agreements, with an aggregate amount of $201.8 million, bringing the cumulative loan commitments with China for ongoing infrastructure projects in the Philippines at $1.06 billion.

The loan agreements were co-signed by Export-Import Bank of China Chair Wu Fulin for the financing of the Priority Bridges Crossing Pasig-Marikina River and Manggahan Floodway.

In a statement, Finance Secretary Benjamin E. Diokno said on Thursday, Jan. 5, said the four loan agreements were part of the six signed bilateral agreements and one project completion document during President Marcos’ three-day state visit to Beijing.

“The signing of these agreements demonstrates the strong commitment between China and the Philippines to deepen bilateral cooperation through infrastructure development,” said Diokno, who was part of the president’s official delegation.

Diokno signed the agreements and completion document on behalf of the Philippine government, witnessed by President Marcos and Chinese President Xi Jinping.

Meanwhile, the framework agreement for the implementation of the Priority Bridges Crossing Pasig-Marikina River and Manggahan Floodway under Chinese government financing is a precursor agreement.

Diokno said the framework agreement, co-signed by China International Development Cooperation Agency (CIDCA) Chair Luo Zhaohui, gives the Philippines access to the renminbi-denominated government concessional loan facility portion of the loan.

Diokno and Luo also signed the agreement on Economic and Technical Cooperation between the China and the Philippines.

The grant agreement provides 1.5 billion renminbi, equivalent to about $217.7 million or P12.2 billion, for projects to be agreed between China and the Philippines based on the development plan and specific needs of the Philippine government.

Finally, Diokno and Chinese Minister of Commerce Wang Wentao signed the Handover Certificate for the Binondo-Intramuros and Estrella-Pantaleon Bridge – the two China-Aid Bridges completed on April 13, 2022 and September 17, 2021, respectively.

The two bridges, spanning Manila, Makati, and Mandaluyong, seek to improve the capacity and efficiency of the road transport network in Metro Manila.

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DOF Department of Finance Finance Secretary Benjamin E. Diokno
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