- Title: China, Philippines agree to cooperate on 30 projects worth $3.7 bln
- Date: 23rd January 2017
- Summary: BEIJING, CHINA (JANUARY 23, 2017) (REUTERS) PHILIPPINES FINANCE SECRETARY CARLOS DOMINGUEZ AND CHINESE COMMERCE MINISTER GAO HUCHENG SITTING DOWN FOR NEWS CONFERENCE CHINESE AND PHILIPPINES OFFICIALS STANDING (SOUNDBITE) (Mandarin) CHINESE COMMERCE MINISTER GAO HUCHENG, SAYING: "After our series of talks this morning, at this moment, we can confirm that the initial batch of civilian (infrastructure) projects are worth around $3.7 billion. We've already confirmed three of these projects, but there are still a series of bank formalities that we must complete." REPORTER SEATED (SOUNDBITE) (English) PHILIPPINES FINANCE SECRETARY CARLOS DOMINGUEZ, SAYING: "So these projects that we have discussed this morning really aim at the first objective, which is to reduce poverty. And as I said, these are massive infrastructure projects that the government of China, as well as the private sector in China, has shown interest in supporting us." NEWS CONFERENCE ENDING/MEDIA (SOUNDBITE) (English) PHILIPPINES FINANCE SECRETARY CARLOS DOMINGUEZ, SAYING: "I'm not sure at this moment exactly what the new U.S. policies are going to be, but I believe that the re-orientation of our president to our neighbours really was very smart. We're not certain as to what the U.S. policies will be, so it's better to be with good friends." CAMERAMAN FILMING DOMINGUEZ WALKING AWAY
- Embargoed: 6th February 2017 06:43
- Keywords: China Philippines cooperation projects agreement
- Location: BEIJING, CHINA
- City: BEIJING, CHINA
- Country: China
- Topics: Diplomacy/Foreign Policy,Government/Politics
- Reuters ID: LVA00160AWFGL
- Aspect Ratio: 16:9
- Story Text: China has agreed to cooperate with the Philippines on 30 projects worth $3.7 billion focusing on poverty reduction, the two countries said after a meeting in Beijing on Monday (January 23).
"After our series of talks this morning, at this moment, we can confirm that the initial batch of civilian (infrastructure) projects are worth around $3.7 billion. We've already confirmed three of these projects, but there are still a series of bank formalities that we must complete," Chinese Commerce Minister Gao Hucheng said during a news conference following the meetings.
Philippine Finance Secretary Carlos Dominguez said he had a "very productive" meeting with Gao and they had discussed large projects in rural areas, as well as some smaller projects.
"So these projects that we have discussed this morning really aim at the first objective, which is to reduce poverty. And as I said, these are massive infrastructure projects that the government of China, as well as the private sector in China, has shown interest in supporting us," Dominguez said at the same news conference.
The deal is the first announcement from a two-day visit by a Philippine cabinet delegation to China that comes three months after President Rodrigo Duterte visited Beijing to pave the way for new commercial alliances.
China has welcomed Duterte's foreign policy shift away from traditional ally the United States and towards doing more regional deals for loans and business under his "pro-Filipino" policy.
Chinese officials pledged $15 billion of investment to the Philippines during Duterte's visit in October, according to the Philippine finance department.
Asked whether U.S. President Donald Trump's economic policies would affect commercial ties between China and the Philippines, Dominguez said: "It's better to be with good friends."
"I'm not sure at this moment exactly what the new U.S. policies are going to be, but I believe that the re-orientation of our president to our neighbours really was very smart. We're not certain as to what the U.S. policies will be, so it's better to be with good friends," Dominguez told reporters.
The Philippine delegation is due to meet Vice Premier Wang Yang at Zhongnanhai, the Beijing complex that houses China's central government, later on Monday.
The Philippine team on the trip includes Duterte's finance, budget, economic, public works and transport secretaries.
The two sides will also discuss the Philippines' chairmanship of the 10-member Association of South East Asian Nations (ASEAN) this year.
Foreign Affairs Secretary Perfecto Yasay said on Jan. 11 he was confident a code of conduct in the South China Sea between ASEAN and China could be finished by mid-2017. - Copyright Holder: REUTERS
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