A Philippine delegation is visiting Beijing this week to fill bilateral deals on China-funded infrastructure projects, according to the Ministry of Finance (DoF) in a weekend statement
"The high-level meetings will focus on strengthening and strengthening our bilateral involvement and cooperation We hope that a number of bilateral documents will be presented and signed at the meeting, including the exchange of letters for the feasibility study of the Panay-Guimaras-Negros Inter-Island Bridges Project, " read the press statement.
The meetings, held on 22-24 August, will be "the progress of the & # 39; first basket & # 39; to discuss projects for Chinese loan financing, including the Chico River Pump Irrigation Project, New Centennial Water Acid Ce-Kaliwa Dam Project, the South Long Haul Project of the Philippine National Railways, and the Davao-Samal Bridge Construction Project as well as other projects that are funded with grants.
It will also discuss the proposed "second basket" of works for loans in China such as the Ambal-Simuay River and Rio Grande de Mindanao River Flood Control Projects, Pasig-Marikina River and Manggahan Floodway Bridges Construction Project, Subic-Clark Railway Project, Safe Philippines Project Phase 1, and the rehabilitation of the Agus-Pulangi Hydroelectric Power Plants Project.
Both countries have concluded the loan agreement to date for the partial financing of the Pico 377 billion Chico River Pump Irrigation Project, with an interest rate of two percent per year with a term of 20 years, including a grace period of seven years. The work, which started last month, is being carried out by China CAMC Engineering Co. Ltd., which will install electric motor driven pumps, build pumping stations and irrigation channels and associated facilities for barangays in Cagayan and Kalinga.
Manila and Beijing have also signed grant agreements totaling P4.13 billion for the Binondo-Intramuros and Estrella-Pantaleon bridges, which are now under construction; conducting a feasibility study for the Davao City Expressway Project; delivery of radio and broadcasting equipment to the operational operating room presidency and the Philippine-Sino center for agricultural technology-technical cooperation program phase 3.
The NF said that the delegation will be headed by finance minister Carlos G. Dominguez III, together with budget secretary Benjamin E. Diokno, Socioeconomic Planning Secretary Ernesto M. Pernia, Transportation Secretary Arthur P. Tugade, Public Works and Highways Secretary Mark A. Villar; Vivencio B. Dizon, president and chief executive officer of the Conversion and Development Authority of Bases and Foreign Minister Alan Peter S. Cayetano. Planned to meet them are Secretary of State and Foreign Minister Wang Yi, Trade Minister Zhong Shan, China International Development Cooperation Agency Director Wang Xiaotao, Export-Import Bank of China Chairman Hu Xiaolian and Asian Infrastructure Investment Bank President Jin Liqun. – Elijah Joseph C. Tubayan