BEIJING – While Philippine President Rodrigo Duterte is in Beijing to attend the Silk Belt and Road Forum (BRF) for International Cooperation organized by China, his economic managers are selling his administration’s ambitious infrastructure projects in a bid to boost interest from Chinese investors.
Philippine Ambassador to China Jose Santiago Sta. Romana said the Cabinet officials are set to present “Dutertenomics”, which lists the President’s infrastructure plans.
Under “Dutertenomics”, Socioeconomic Planning Secretary Ernesto Pernia had said last month that the Duterte administration plans to roll out more than 3.6 trillion pesos in public infrastructure projects from 2018 to 2020.
Budget Secretary Benjamin Diokno, for his part, said 8.4 trillion pesos would be spent on infrastructure during the term of President Duterte, thereby increasing the share of infrastructure spending in the country’s gross domestic product (GDP) from 5.4 percent in 2017 to 7.4 percent in 2022.
According to Sta. Romana, his office received a number of inquiries from Chinese companies about the business environment in the Philippines as they are reportedly interested in investing in the country.
To recall, Duterte snagged US$24 billion worth of pledges and credit facilities from China for his administration’s projects when he made a state visit to Beijing in October last year. GAC/Expat Media
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