Procurement News Notice |
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| PNN | 6322 |
| Work Detail | China, the county’s second biggest trade partner is offering financing to the infrastructure projects of the Duterte government. The Department of Finance yesterday reported that the offer was given to Finance Secretary Carlos Dominguez in a courtesy call by Chinese ambassador to Manila Zhao Jianhua. China also encouraged the Philippines to fast track its membership in the Asian Infrastructure Investment Bank (AIIB). In tourism, China is broaching the idea of having Chinese hotel brands to operate in key tourist destinations in the Philippines. In trade, China is discussing the export of agricultural machineries suited to Philippine setting at the same time mentioning high demand for Philippine “lapu lapu” (grouper), tuna, crabs and shrimps. The DOF said in a statement that the assistance offered is in the form of Official Development Assistance (ODA) for pipeline projects of the Departments of Public Works and Highways,Transportation, and Agriculture. No details were provided on the ODA. However the DOF said that Dominguez expressed his appreciation for the ambassador’s offer. Maria Editha Tan, DOF undersecretary who was present at the meeting, said the Chinese government “strongly recognized the DOF’s role (in project financing), and is looking forward to participating in opportunities to support the administration’s agenda such as infrastructure projects.” Tan heads the DOF’s International Finance Group. During the meeting, Dominguez explained the priority goals of the Duterte administration, which, he said, focuses on poverty reduction, upholding the rule of law and order, and seeking lasting peace with neighbors in the international community as well as with armed rebels in country. The meeting held at the BSP Complex was also attended by Jin Yuan, the Economic and Commercial Counsellor of the Embassy of the People’s Republic of China in Manila; and Zhu Min, Third Secretary of the Embassy. “The Chinese Ambassador expressed appreciation that the Philippines is taking steps to complete procedures in its membership with the AIIB,” Tan said. She added that “the Ambassador reiterated the need to complete all steps for full membership in the AIIB so Philippines can access project financing to support its infrastructure requirements.” The Philippines’ membership to the AIIB remains pending because the Senate needs to ratify the country’s participation in the China-led multilateral institution. Areas of cooperation discussed include financial cooperation, in which both sides agreed to revisit current currency swap arrangements to manage foreign exchange risks. Another topic discussed is project financing, in which the two countries agreed to explore possible areas of interest and cooperation in areas such as infrastructure, education, tourism, technology, power, ports, and information technology (IT). Representatives of the Philippines and China also talked about customs cooperation, in which both agreed to cooperate in addressing reported trade gaps, improving the exchange of information on import/export data, and curbing the entry of illegal drugs from China to the Philippines. Last in the list is growth in tourism, in which Zhao offered to assist in the joint development of tourist areas in the country and expressed interest in establishing the presence of Chinese hotel brands and chains in the country and increasing the number of Chinese tourist arrivals to the Philippines. |
| Country | China , Eastern Asia |
| Industry | Construction |
| Entry Date | 15 Oct 2016 |
| Source | http://www.malaya.com.ph/business-news/business/china-dangles-project-loans |
