By Genalyn D. Kabiling
BOAO, China – China has offered P3.8 billion in assistance to promote economic development in the Philippines amid renewed commitment to deepen friendly bilateral relations.
The latest financial aid was extended by Chinese President Xi Jinping during a bilateral meeting with President Duterte on revitalized economic and security cooperation at the Boao State Guesthouse last Tuesday.
“There was an agreement to further cooperation on terrorism and drugs. There was also another 500 million renminbi or R3.8 billion in further economic assistance to be given by China to the Philippines,” presidential spokesperson Harry Roque said after the meeting of the two leaders.
Roque said the two leaders tackled the South China Sea issue and reached an agreement “to focus on stability and strengthening communications to avoid untoward incidents.” The two leaders also agreed that the planned joint offshore oil development “must continue,” according to Roque.
He said the two countries agreed to sign a memorandum of understanding on the Belt and Road Initiative, China’s initiative aimed at expanding trade and transportation links across Asia, Europe, and Africa.
Roque said the President renewed his gratitude to China for the assistance given not only in resolving the Marawi siege but also the rebuilding of the war-torn city.
After the bilateral talks, the two leaders witnessed the signing of six bilateral pacts, including the hiring of Filipino English teachers in China.
A feasibility study on the proposed Davao City expressway and a loan agreement for the Chico Dam irrigation project were also inked by the two sides.
From Hainan province, the President flew to Hong Kong Tuesday night for two-day working visit that includes a meeting with the Filipino community yesterday.
