Duterte bags over $7B loans after cozying up to China
His friendlier tone is so far paying off.
China has committed a total of $7.34 billion in soft loans and grants to the Philippines over the first year of the Duterte administration, the Department of Finance said in a statement.
The huge sum will support 10 big-ticket infrastructure projects, two drug rehabilitation centers, and the reconstruction efforts in Marawi City.
Bulk of the amount will be spent on infrastructure, energy, and public safety projects, and will fund 85% of the construction costs for the 10 priority projects under the “Build, Build, Build” agenda.
This includes the $2.91 billion Philippine National Railways South Long Haul Railway project.
Presidents Rodrigo Duterte and Xi Jinping have turned into best friends really quickly