$3-B funding aid seen in China trip

FVR skips trip

MANILA, Philippines - Agreements on funding assistance worth at least $3 billion from Chinese banking institutions and private companies are expected to be signed during President Duterte’s trip to China next week, Trade Secretary Ramon Lopez said yesterday.

As this developed, Malacañang announced former president and special envoy to China Fidel Ramos would not join Duterte in the Beijing trip.

“There are a lot of private sector initiatives taking place. Like for banks, they’re committing funds to support the growth of the Philippine economy in general. Most of them are fund commitments,” Lopez disclosed.

“We’re reviewing all these offers… that can possibly turn to MOUs (memorandums of understanding). That means we will have a lot of funds for whatever projects we want to get in, both private and government,” he added.

Lopez said the billions of dollars from China could come in the form of loans and investments, including on infrastructure.

Duterte will be in China on Oct. 18 to 21 as part of the country’s efforts to strengthen relations with Beijing, which have been strained by the maritime dispute over the West Philippine Sea.

Lopez, along with other government officials and a big business delegation from all industries, will join the President.

Lopez said Manila would like to improve trade relations with China, the country’s second largest partner.

Meanwhile, Presidential Communications Office Secretary Martin Andanar said the government would go for more public-private partnerships and invite more foreign investors to pursue its independent foreign policy and grow less dependent on foreign aid.

Andanar also pointed out Duterte was not just opening the country’s doors to China but also to other nations that would want to do business here.

Duterte was criticized when he said he would not beg if the United States, the United Nations, the European Union and others would withdraw their aid to the Philippines due to extrajudicial killings happening in the course of his war against illegal drugs.

Andanar said Ramos informed him last Saturday that he would not be part of the President’s delegation.

“He (Ramos) did not say why… but I believe that it is about giving respect to our current (President),” Andanar said.

“If there are two presidents there, it is possible that the attention would be divided,” he said.

Ramos, who was one of those who asked Duterte to run for president, recently scored the Chief Executive for his controversial pronouncements, saying the Philippines was losing badly because of these. With Alexis Romero, Giovanni Nilles