Beijing offers Manila financial, economic aid

CHINA has offered to assist the Philippines in project financing and tourism
development, the Department of Finance (DoF) said, even as the two nations still
wrangle over territory in the South China Sea.
Finance Secretary Carlos G. Dominguez III said Chinese Ambassador to Manila Zhao Jianhua, during
the latters courtesy call on the Philippine official, has committed to assist the country in the areas of
infrastructure development, tourism, customs management, agricultural and currency swap deals, as
Manila and Beijing bolster economic diplomacy under the new government.
Mr. Dominguez and the DoFs International Finance Group met with Beijing officials at the agencys
headquarters along Roxas Boulevard in Manila. Also in the meeting were Jin Yuan, the economic and
commercial counsellor of the Embassy of the Peoples Republic of China in Manila, and Zhu Min, third
secretary of the embassy.
During the meeting, Mr. Zhao offered to support Manilas big-ticket infrastructure projects through
official development assistance to be implemented by the departments of Public Works and Highways,
Transportation, and Agriculture, the DoF said in a statement sent yesterday.
Economic managers of President Rodrigo R. Duterte said the new administration intends to ramp up
spending on infrastructure by earmarking roughly P7 trillion for the next six years, starting with an
P860.7-billion allocation under the proposed 2017 national budget in order to catch up with the
countrys infrastructure needs.
Mr. Zhao also stressed the need for the Philippines to ratify its inclusion under the Beijing-led Asian
Infrastructure Investment Bank, which could also be tapped for project financing apart from existing
multilateral lenders and development institutions.
Chinese and Filipino authorities also agreed to revisit current currency swap arrangements in order to
manage foreign exchange risks, information sharing on import and export data to curb the
smuggling of drugs from Beijing, and putting up Chinese hotel brands here to help increase Chinese
tourists visiting the Philippines.
The two countries also want improved trade and cooperation in agriculture, particularly through the
export of Chinese-made farm equipment and increased exports of Philippine products to Beijing, such
as tropical fruits and high-end marine harvests.
In particular, crops such as banana, coconut, and pineapple, as well as lapu-lapu or grouper fish, tuna,
crabs, and shrimps are potentially good export items, according to the statement.
This comes after a July 12 decision by the United Nations-backed Permanent Court of Arbitration which
negated Chinas sweeping claims over disputed islands in the South China Sea. All eyes are on the
Philippine government as it charts its next moves following the tribunal victory, with Foreign Affairs
Chief Perfecto R. Yasay having called for restrain and sobriety on the issue.
In an earlier report, analysts at Natixis Economic Research said the Philippines stands least exposed to
Chinas softening growth even amid some calls for a boycott of local products to protest the tribunals
ruling. -- Melissa Luz T. Lopez

INSIGHT:
The article talks about China offering financial and economic aid to the
Philippines.
China has offered to assist Philippines in terms of project financing and
tourism development, even with the latter territorial dispute of the two
nations.
China will be extending support to the country in the areas of infrastructure
development, tourism, customs management, agricultural and currency
swap deals.
The Department of Finances (DoF) International Finance Group met with
Beijings officials at the agencys headquarters to discuss certain issues on
financial and economic development.
In the meeting, Mr. Zhao (Chinese Ambassador to Manila) offered to support
Philippines infrastructure projects through official development assistance to
be implemented by the departments of Public Works and Highways,
Transportation, and Agriculture.
Improved trade and cooperation in agriculture, particularly through the
export of Chinese-made farm equipment and increased exports of Philippine
products to Beijing were also discussed during the meeting.
It is quite surprising that China will still aid Philippines in terms of financial
and economic development even with the two nations argument over
territory in the South China Sea.
But I think it is good to know that the two nations discussed about certain
issues in economy that needs improvement and development. In this matter,
the tense relationship between the countries seemed to diminish. I hope that
Philippines will have enough funds and equipment to sustain its economic
growth. The help that would be given by China will help strengthen our
economy.
If China and Philippines continue to seek good economic ties, then I think,
the worsening relation between the nations due to the South China Sea
dispute will be settled little by little.

RAUL L. LOCSIN
Born in Silay, Negros Occidental on Sept. 19, 1931, he was the
third of Maria Soledad and Aurelio Locsins seven children. His father was
then the publisher of El Civisimo, a Spanish-language daily. It perhaps did not
shock anyone that the younger Mr. Locsin would one day follow his dad in the
pursuit of a career in media.
During the Japanese occupation, the Locsins fled to the mountains to
seek refuge. After the Second World War, they returned to their home in
Bacolod, Negros Occidental, but Mr. Locsin and his brothers were then sent to
the Ateneo de Cagayan for school. Eventually, Mr. Locsin was admitted to
the Ateneo de Manila as a liberal arts major, but chose to leave the
university before earning a degree.
At 17 years old, Mr. Locsin worked a series of odd jobs to earn a
living in Sampaloc, Manila. For some time, he was employed by the US
Tobacco Corporation, and then Shell Petroleum in 1959. It was while at the
former that he courted and, in 1957, married Leticia Martillo, who helped him
start both BusinessWorld and its forerunner, Business Day.
Founder and publisher of the BusinessWorld group and a pillar of the
Philippine press.
Locsin set up the first Southeast Asian business daily, Business Day,
before martial law, as well as the country's first online publication Business
World Online, all the while constantly ensuring high standards of
journalistic excellence.
When democracy was restored in 1986, he led efforts to revive the
Philippine Press Institute (PPI) as the national association of newspapers.
His pioneering efforts in journalism amid considerable odds earned
international acclaim.
Among others, he was the first Asian to receive the Economic Editor of the
Year Award jointly given by Japan's Mitsubishi Corp. and the Press
Foundation of Asia; he was also awarded the International Editor of the

Year by the World Press Review; and most recently, he earned the Ramon
Magsaysay Award for Journalism.
Beset by health problems, Locsin died at Saint Luke's Medical Center in
Quezon City on the morning of May 24, 2003. He was seventy-one. Despite
his many achievements, he remained unassuming to the end, saying that,
living his professional life, he had been guided by something quite simple: "It
is leaving the world a better place than I found it."
SOURCE
S:
http://ww
w.rmaf.or
g.ph/newr

Beijing offers Manila financial, economic aid

September 06, 2016

CHINA has offered to assist the Philippines in project financing and tourism development, the
Department of Finance (DoF) said, even as the two nations still wrangle over territory in the
South China Sea.
Finance Secretary Carlos G. Dominguez III said Chinese Ambassador to Manila Zhao Jianhua,
during the latters courtesy call on the Philippine official, has committed to assist the country in
the areas of infrastructure development, tourism, customs management, agricultural and currency
swap deals, as Manila and Beijing bolster economic diplomacy under the new government.
Mr. Dominguez and the DoFs International Finance Group met with Beijing officials at the
agencys headquarters along Roxas Boulevard in Manila. Also in the meeting were Jin Yuan, the
economic and commercial counsellor of the Embassy of the Peoples Republic of China in
Manila, and Zhu Min, third secretary of the embassy.
During the meeting, Mr. Zhao offered to support Manilas big-ticket infrastructure projects
through official development assistance to be implemented by the departments of Public Works
and Highways, Transportation, and Agriculture, the DoF said in a statement sent yesterday.
Economic managers of President Rodrigo R. Duterte said the new administration intends to ramp
up spending on infrastructure by earmarking roughly P7 trillion for the next six years, starting

with an P860.7-billion allocation under the proposed 2017 national budget in order to catch up
with the countrys infrastructure needs.
Mr. Zhao also stressed the need for the Philippines to ratify its inclusion under the Beijing-led
Asian Infrastructure Investment Bank, which could also be tapped for project financing apart
from existing multilateral lenders and development institutions.
Chinese and Filipino authorities also agreed to revisit current currency swap arrangements in
order to manage foreign exchange risks, information sharing on import and export data to curb
the smuggling of drugs from Beijing, and putting up Chinese hotel brands here to help increase
Chinese tourists visiting the Philippines.
The two countries also want improved trade and cooperation in agriculture, particularly through
the export of Chinese-made farm equipment and increased exports of Philippine products to
Beijing, such as tropical fruits and high-end marine harvests.
In particular, crops such as banana, coconut, and pineapple, as well as lapu-lapu or grouper fish,
tuna, crabs, and shrimps are potentially good export items, according to the statement.
This comes after a July 12 decision by the United Nations-backed Permanent Court of
Arbitration which negated Chinas sweeping claims over disputed islands in the South China
Sea. All eyes are on the Philippine government as it charts its next moves following the tribunal
victory, with Foreign Affairs Chief Perfecto R. Yasay having called for restrain and sobriety on
the issue.
In an earlier report, analysts at Natixis Economic Research said the Philippines stands least
exposed to Chinas softening growth even amid some calls for a boycott of local products to
protest the tribunals ruling. -- Melissa Luz T. Lopez