October 20, 2016 – The Philippines says China’s president has committed more than US$9 billion in low-interest loans to the impoverished Southeast Asian nation in his meeting with the Philippine leader who has set aside territorial disputes in a bid for Beijing’s help.
The Presidential Communications Office in Manila said in a statement today that the loans that Chinese leader Xi Jinping offered will go toward funding development projects.
The office says about a third of the $9 billion loan offer will come from private banks. About $15 million in loans will go toward drug rehabilitation programs.
Philippine Trade Secretary Ramon Lopez says his country and China will sign $13.5 billion of deals during his president’s visit to China this week.
Lopez was speaking today at a business forum in Beijing attended by Philippine President Rodrigo Duterte and various Chinese and Filipino officials.
The forum followed meetings between Duterte and Chinese President Xi Jinping, who hailed the Southeast Asian nation leader’s visit as being of “milestone significance.”
Earlier in the day, the leaders oversaw the signing of agreements that touched on the financing of infrastructure projects, boosting trade and tourism, lifting export restrictions and other issues.
Duterte has sought China’s help by setting aside the thorny issue of territorial disputes.