China-Phil discuss US$ 3.43-B projects

THREE big ticket projects amounting to US$ 3.43 –B that have been on hold for five years are now being discussed by top Philippine and Chinese trade officials with the recent signing of the summary of discussions during the 28th Philippine-China Joint Commission on Economic and Trade Cooperation. 

Trade Secretary Ramon M. Lopez, along with newly appointed Chinese Minister of Commerce Zhong Shan, signed last March 7 the summary of discussions for the 28th Philippines-China Joint Commission on Economic and Trade Cooperation (JCETC).

This is the first JCTEC under the present administration, marking a renewed interest on both sides after tensions over a territorial dispute over the West Philippine Sea spilled over to also affect the trade and investment fronts, a PDI report stated.

The discussions, which Lopez outlined in 10 key points, included three priority projects that are expected to be launched sometime this year.

Trade Undersecretary Ceferino S. Rodolfo identified the first batch of projects: The Chico River pump irrigation project ($53.9 million), the New Centennial Water Source-Kaliwa Dam project ($374 million) and the South line of the North-South railway ($3 billion).

“We still have to finalize all these in our submission to the Chinese government,” he said.

More details are expected to be fleshed out later this year, said a senior official from China’s Ministry of Commerce (Mofcom).

“Basically we would try our best to launch the first two projects—the Chico River project and the Kaliwa Dam project—by the first half of this year, then for the north-south railway we will try to launch the project by the end of this year,” Mofcom director General Wu Zhengping said.

Wu said that they were yet to form the necessary arrangements, adding that the Chinese government has not yet identified the companies that would undertake the first batch of projects.

“Contracts haven’t been signed and loan agreements haven’t been signed so we cannot say, as of this moment, the specific terms and conditions of the launch,” he said.

As part of the JTCEC discussions, Lopez said that top officials of the two governments would sign this month an agreement regarding the six-year Development Program for Economic and Trade Cooperation (SYDP).

The SYDP, Lopez said, would serve as “the overall framework for bilateral economic cooperation within this administration.”

“As we embark on renewed ties, it is imperative that we look back and recall that, in truth, the ties of friendship between us were never completely severed and continues to this day,” he said during a press briefing.

The remaining key points of the 28th JCETC included a call for an exchange of notes on the operational procedures to use China’s concessional loans to support Philippine government projects, Chinese grants for the construction of two bridges over the Pasig River and conduct of capacity building programs for rice experts and aquaculturists.

The meeting also touched on the establishment of an alert mechanism and undertaking prompt notification on the incidence of plant and animal diseases as well as the development of a protocol governing the handling and resolution of cases of detection and non-compliance. (With reports from PDI)

 

Like us in Facebook

Features

Latest News

IMAGE Spreading growth outside metropolis will reduce traffic

  By Rose de la Cruz  The National Spatial Strategy, spelled out under the Philippine Development Plan 2017-2022, is designed to spread development... Read More...
BSP gives lower risk weight for MSMEs

  By Rose de la Cruz   To ensure the growth of micro small and medium enterprises (MSMEs), the Bangko Sentral ng Pilipinas, through its... Read More...
Comelec control urged for narco-infested LGUs

  By Francisco Benjamin Garcia   Rep. Bernadette Herrera-Dy, chairman of the committee on public information at the lower house has urged that... Read More...
IMAGE IN THE MIDDLE OF THE STORM

WHILE the modernization of public utility vehicles has always been in the wish list of past administrations, thought of as a solution to the... Read More...
R18: The Difference Between a Man and a Woman and Others

The difference between a man and a woman A COUPLE was told to individually write a sentence usingthe words “love” and sex.” The woman wrote:... Read More...
R18: Bad Best Friend and Others

Bad Best Friend  A GUY walks into a bar and orders a triple Scotch. The bartender pours him the drink and the guy downs it in one gulp. “Wow,”... Read More...
IMAGE A STEP IN THE RIGHT DIRECTION

Editorial cartoon by Ed Rompal NEWLY minted Bureau of Customs Commissioner Isidro Lapeña is doing a great job.  What his predecessors had failed to... Read More...
IMAGE ASEAN’S RIGHTFUL GLOBAL SPOT

Editorial cartoon by Ed Rompal Manila is host to the ASEAN Summit. Now on its 50th year, President Duterte has seen profound parallelism between the... Read More...

Our Guests

Today393
Yesterday1002
This week2069
This month16823
Total792429

Visitor Info

  • Your IP: 54.162.250.227

Who Is Online

39
Online

Tuesday, 21 November 2017
© 2016 OpinYon News Magazine Online. All Rights Reserved.

Please publish modules in offcanvas position.