MANILA: Philippine and United States envoys announced on Tuesday (Jul 16) fresh US involvement in the Philippines' ambitious ...
MANILA: Philippine and United States envoys announced on Tuesday fresh US involvement in the Philippines' ambitious infrastructure-building programme, which also has projects financed through Chinese loans and grants.
“Primarily, I think it would be through private sector participation in major Build, Build, Build projects.”At least two loan deals with China have been signed for the Build, Build, Build programme, with more under way – as critics point out their relatively higher interest rates compared to loans offered by alternative sources such as Japan.
State-owned HBIS Group Co Ltd, dubbed as China's second-largest and the world's third-largest steelmaker, is involved in the development of a 305ha iron and steel production base in Mindanao. In late 2018, state-owned Export-Import Bank of China signed a loan agreement to finance a controversial dam seen to alleviate water woes of Metro Manila's eastern areas and outskirts but feared to worsen conditions in the volatile Sierra Madre mountain range, which is a key biodiversity area.
Beijing rejected the said ruling by the Permanent Court of Arbitration, which invalidated the economic giant's encompassing nine-dash-line claim.Mr Duterte warned of sending Philippine troops on what he said were missions bound to fail if China dared touch the island, which is also claimed by Taiwan, Vietnam and China but is occupied by a Filipino civilian population.after it hit the Filipino fishermen's stationary boat.
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