China promises P3.8B in additional aid to Philippines
The financial aid was discussed in a bilateral meeting between President Duterte and Chinese President Xi Jinping.
BusinessWorld/File

China promises P3.8B in additional aid to Philippines

Alexis Romero (Philstar.com) - April 10, 2018 - 9:43pm

HAINAN — China has promised to provide 500 million renminbi, or about P3.8 billion, worth of additional assistance to the Philippines.

The giving of financial aid was discussed during the bilateral meeting of President Rodrigo Duterte and Chinese President Xi Jinping Tuesday here.

"There was also another 500 renminbi or P3.8 billion in further economic assistance to be given by China to the Philippines," presidential spokesman Harry Roque said.

It is not clear whether the aid is a grant or a loan.

Roque said the South China Sea row and the joint oil exploration were also discussed during the meeting, which lasted for about an hour.

"There was an agreement to focus on stability and strengthening communications to avoid untoward incidents," the presidential spokesman said.

"There was more or less mention that...offshore oil development must continue," he added.

The Philippines and China are also expected to sign a memorandum of understanding on the Belt and Road initiative, an infrastructure program led by China.

CHINA AID PHILIPPINES-CHINA TIES
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