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The Philippines secured fresh loans from China totalling $201.8 million, intended to bankroll key infrastructure projects of the Marcos administration, such as bridges and flood control systems.
In addition, China has agreed to make available about $218 million additional funds for future projects.
Finance Secretary Benjamin Diokno said in a statement the additional funding brought to $1.06 billion Beijing’s loan commitments for Manila’s ongoing projects.
Diokno said several bilateral agreements and a project completion document were signed on Jan. 4, during the President’s three-day state visit to China, of which delegation he was part.
“The signing of these agreements demonstrates the strong commitment between China and the Philippines to deepen bilateral cooperation through infrastructure development,” he said.
