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Analysts wary of Philippine deals with China
The Philippines and China signed 14 bilateral agreements during President Ferdinand Marcos Jr.'s state visit to China, covering areas such as agriculture, infrastructure, tourism, and trade.
These deals include a joint action plan for 2023-2025 on agricultural and fisheries cooperation and an MOU on cooperation on the Belt and Road Initiative.
Other agreements include protocols for exporting fresh durians to China and handover certificates for the Binondo-Intramuros bridge and the Estrella-Pantaleon bridge projects in Manila.
A framework agreement for loan financing for three priority projects of the Department of Public Works and Highways was also inked.
Four of these loan agreements, amounting to USD201.8 million (around PHP11.3 billion), will fund bridge projects crossing the Pasig-Marikina River and Manggahan Floodway.
The cumulative loan commitments with China for ongoing Philippine projects now stand at $1.06 billion.
Finance Secretary Benjamin Diokno welcomed China's support to the government's "Build Better More" infrastructure agenda, emphasizing the commitment to deepen bilateral cooperation through infrastructure development.
However, analysts expressed caution regarding these deals, citing the ongoing sea dispute and China's past unfulfilled investment pledges.
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The Philippines secured new loan agreements totaling $201.8 million from China for infrastructure projects, bringing total loan commitments to $1.06 billion.
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President Ferdinand Marcos Jr. made his first bilateral visit to China to strengthen economic ties and cooperation, aiming to discuss political-security issues and the West Philippine Sea.
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President Ferdinand "Bongbong" Marcos Jr. invited Chinese President Xi Jinping to the Philippines following his state visit to China.
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President Ferdinand "Bongbong" Marcos Jr. met with Chinese Premier Li Keqiang on Wednesday, Jan. 4, during his three-day state visit to Beijing, China.
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President Ferdinand R. Marcos Jr. reflected on the nearly 50 years of diplomatic relations between the Philippines and China, recalling his first visit to the country as a teenager in 1974.
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