NextGen Day

Six bilateral agreements and one project implementation between the Philippines and China were signed on Wednesday, providing a boost to the infrastructure initiative of President Ferdinand R. Marcos Jr.

On behalf of the Philippine government, Finance Secretary Benjamin Diokno signed the agreements and completion documents. He stated that they appreciate China’s support for the government’s “Build Better More” infrastructure initiative.

In a statement on Thursday, he stated that “the signing of these agreements underscores the strong commitment between China and the Philippines to enhance bilateral cooperation through infrastructure development.”

President Ferdinand R. Marcos Jr. and Chinese President Xi Jinping both attended the signing ceremony, which took place at Beijing’s Great Hall of the People, as part of Marcos’ three-day state visit to the second-largest economy in the world.

Four loan agreements totaling USD201.8 million (about PHP11.3 billion) were co-signed by Chairman Wu Fulin of the Export-Import Bank of China (China Eximbank), according to the Department of Finance (DOF), on Thursday.

According to it, the Priority Bridges Crossing the Pasig-Marikina River and the Manggahan Floodway will be funded by these agreements.

According to the statement, the most recent funding from China increased its overall loan commitments for active projects in the Philippines to USD1.06 billion.

In contrast, the Department of Finance (DOF) claimed that the Framework Agreement for the Implementation of the Priority Bridges Crossing the Pasig-Marikina River and Manggahan Floodway under Chinese Government Financing, which was co-signed by China International Development Cooperation Agency (CIDCA) Chairman Luo Zhaohui, is a precursor agreement that enables the Philippines to access the government concessional loan (GCL) facility portion of the loan, which is denominated in Renminbi (

According to the Finance Department, Diokno and Luo also signed an agreement on economic and technical cooperation between their two governments. The agreement is worth 1.5 billion renminbi (or approximately PHP12.2 billion) and is for projects that will be chosen by both nations “based on the development plan and specific needs of the Philippine government.”

Additionally, Diokno and Wang Wentao, China’s minister of commerce, signed the transfer certificates for the Estrella-Pantaleon and Binondo-Intramuros bridges, which were both financed by the Chinese government and opened on September 17 and April 13 of each consecutive year, respectively.

The DOF stated that the two bridges, which cross Manila, Makati, and Mandaluyong, are intended to increase the capacity and effectiveness of the road transport network in Metro Manila.

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