Build & Move

Philippines, China to speed up infra projects

Filipinos will benefit sooner from more infrastructure programs, as Philippine and Chinese officials have agreed to fast-track the infrastructure projects funded by Beijing.

In a meeting with Chinese Foreign Affairs Minister Wang Yi last August 22, Finance Secretary Carlos Dominguez said the preparations for the projects have been “moving quite fast ahead.”

Dominguez also said that they have been working hard to realize the goals of President Rodrigo Duterte and President Xi Jinping in developing the relationship between China and the Philippines.

Meanwhile, Wang said that concrete actions were necessary for the projects to move forward.

A meeting between Duterte’s economic managers and Chinese officials in Beijing was arranged to discuss the first batch of projects that are slated for Chinese financing.

Net foreign investment from China increased by 534 percent from January to May 2018, according to the Department of Finance (DOF). Meanwhile, the total approved investments from China went up by 57.14 percent over the past year, as the bilateral trade between China and the Philippines reached $13.9 billion in the first half of 2018.

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