Philippines and China agreed in Beijing on Monday the implementation of 30 poverty-reduction projects worth $3.7 billion.
The meeting led by Secretary of Finance Carlos Dominguez of the Philippines and Chinese Minister of Commerce Gao Hucheng conceived large projects, including smaller projects, soon to be implemented in the country.
The agreement settled by the two countries in the said 'very productive' meeting is the first announcement the Philippine Cabinet delegation had arranged in their two-day visit in China, Dominguez said.
China announced that this is just the first batch of projects that will materialize soon that needs to be finalized and processed.
Three months ago, President Rodrigo Duterte previously visited our neighbor country to reinstate alliance and commercial partnership taking home $15 billion pledge from Chinese officials.
Duterte administration is apparently shifting from United States to China in terms of foreign policy.
Dominguez said that this shift is a better move to be with 'good friends'.
“I believe that the reorientation of our President to our neighbors really was very smart,” he added.
Duterte's cabinet from finance, budget, economic, public works, and transport department comprised the Philippine delegation on the said trip from January 23-24, 2017.
They are still set to meet Vice Premier Wang Yang, National Development and Reform Commission (NDRC) Chairman Xu Shaoshi, and top officials of China Investment Corp. (CIC).
Aside from government to government projects, chairmanship of Philippines in the Association of South East Asian Nation (ASEAN) will also be discussed.
Source: Manila Bulletin
Image: Philippine Star
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