FINANCE Secretary Carlos Dominguez III and Chinese ambassador to the Philippines Zhao Jianhua have agreed to revitalize Philippine-China relations in five vital areas of cooperation, including currency swap arrangements, agricultural trade, customs, and tourism.
In a courtesy call to Dominguez, the Chinese ambassador offered Beijing’s support to the priority projects of the Duterte administration in the form of Official Development Assistance (ODA) for pipeline projects of the Departments of Public Works and Highways (DPWH), of Transportation (DOTr) and of Agriculture (DA).
Dominguez expressed his appreciation for the ambassador’s offer.
According to Department of Finance (DOF) Undersecretary Maria Editha Tan, who was present at the meeting, the Chinese side “strongly recognized the DOF's role” in project financing “and is looking forward to participate on 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 our neighbors in the international community as well as with armed rebels in our country.
The meeting held at the BSP Complex was also attended by Jin Yuan, the Economic and Commercial Counselor of the Embassy of the People’s Republic of China in Manila, and Zhu Min, Third Secretary of the Embassy.
The talks also touched upon the Philippines’ membership to the China-led Asian Infrastructure Investment Bank (AIIB), Tan said.
“The Chinese Ambassador expressed appreciation that the Philippines is taking steps to complete procedures in its membership with the AIIB,” said Tan.
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. (PR)