Diokno sees approval of projects for Chinese funding to be fast-tracked with Xi’s visit

November 14, 2018

Chinese President Xi Jinping's visit to the Philippines next week could hasten the approval of Beijing-funded projects in the country, the Department of Budget and Management said on Wednesday.

In his regular forum, Budget Secretary Benjamin Diokno said China has committed $9 billion to finance various projects under the Duterte administration.

Of the $9 billion commitment, the Philippines is eyeing about $3 billion from Chinese financing for the "two baskets," composed of several infrastructure projects, he said.

"The visit of the head of state of China will put pressure on the speed of implementation of these projects, so let's wait," Diokno said.

The DBM previously said the first basket of projects to be financed by the Chinese government include the Chico River Pump Irrigation Project, the New Centennial Water Source - Kaliwa Dam Project, the PNR South Long Haul Project, and the Binondo-Intramuros and Estrella-Pantaleon bridges construction projects.

The second basket of projects include the Safe Philippines Project Phase 1, the Subic-Clark Railway Project, the construction of five bridges across the Pasig-Marikina River and Manggahan Floodway, and the Ambal-Simuay River and Rio Grande de Mindanao River Flood Control projects.

However from the two baskets, only the loan agreement for the Chico River Pump Irrigation Project has been signed.

Earlier, Diokno said agreements for 10 infrastructure projects could be signed when Xi visits the Philippines next week after his attendance to the Asia Pacific Economic Cooperation Leaders' Meeting in Papua New Guinea. Celerina Monte/DMS