President Duterte’s string of foreign trips is all worth it as far as the government is concerned.
Finance Secretary Carlos Dominguez said the President has raised a total of $33 billion worth of investments and loans from his recent trips to China, Japan, and other countries.
These investments and development aid would eventually result to job opportunities and improved infrastructure and social services in the country, according to Dominguez.
“We understand that his total expenses have only been around $5.5 million or around P270 million but he raised $33 billion,” he said in a Palace press conference.
“That is equivalent to spending something like 17 centavos per every P1,000 that he has raised in investments and loans,” he said.
After the President’s state visit to China last October, Dominguez said they have started to closely negotiate with their Chinese counterparts about the $9 billion in official development assistance and commercial loans extended by Beijing.
He said they also met with various project proponents from China to discuss planned railways, roads, and sports development in the country.
“We are certain that the private sector, which has also signed around $15 billion worth of investment and joint ventures with Chinese companies, are already starting their various projects,” Dominguez said.
The government has also started discussions with Japan on how to implement the $9 billion in official development assistance and commercial loans offered during the President’s visit to Tokyo last October, Dominguez said.
(Genalyn D. Kabiling)