Advertisement

Philippines looks beyond China to fund massive infrastructure needs

Manila welcomes financing from Beijing but will ‘look for the best deal’

Reading Time:2 minutes
Why you can trust SCMP
Philippine President Rodrigo Duterte and President Xi Jinping shake hands at Beijing's Great Hall of the People on Monday. Photo: Kyodo

The Philippines will look beyond China to fund a massive infrastructure programme that Manila hopes will go a long way to advancing its economy, according to ­senior Philippine officials.

Advertisement

On the sidelines of the belt and road forum in Beijing on Monday, Philippine Finance Secretary Carlos Dominguez said China had committed around US$9 billion to projects in the Philippines that would start soon. But that was well short of the US$167 billion needed for the building programme.

Dominguez said drawing on other sources of funding would make Manila less dependent on Beijing. “The Philippines is going to fund the projects in our own way. We welcome help from China, but that is not the main source of the funding,” he said.

Benjamin Diokno, secretary of the Philippine Department of Budget and Management, said the Philippines also had offers of financing from Japan and South Korea.

“As a matter of policy, we look for the best deal,” Diokno said.

“Whatever is favourable for us, we will get them. We do not stick to one country. We are not totally dependent on China for development, but we welcome any help.”

Advertisement
Philippine Finance Secretary Carlos Dominguez says drawing on other sources of funding would make Manila less dependent on Beijing. Photo: Reuters
Philippine Finance Secretary Carlos Dominguez says drawing on other sources of funding would make Manila less dependent on Beijing. Photo: Reuters
Advertisement