Photo by Pia Ranada/Rappler
MANILA, Philippines – During Chinese Premier Li Keqiang's official visit to Manila, he and Philippine President Rodrigo Duterte witnessed the signing of 14 deals, including agreements and memoranda of understanding.
The signing took place on Wednesday, November 15, in Malacañang after an expanded bilateral meeting.
The deals covered a variety of issues: Marawi rehabilitation, treatment of drug addicts, defense cooperation, climate change, and infrastructure. (READ: China to donate P1.1 billion for Marawi rehabilitation)
One of the agreements, the 2017 Renminbi Bond Issuance Underwriting Agreement, involves the issuance of bonds amounting to around $200 million, said Finance Secretary Carlos Dominguez III in a short interview with reporters.
The underwriter will be the Bank of China, he added.
Below are the 14 deals:
Pasig bridges, rehab center
Duterte and Li also launched on Wednesday the two Pasig River bridges and a drug rehabilitation center to be funded by China.
Dominguez said the event was tantamount to "groundbreaking" for the two projects.
The Binondo-Intramuros and Estrella-Pantaleon bridges will be financed through a P3.6-billion grant from China signed in the presence of Duterte and Chinese President Xi Jinping last May.
The bridges, to be constructed near the Guadalupe Bridge, are intended to ease traffic congestion along EDSA, a major thoroughfare that crosses the Pasig River.
The drug rehabilitation center to be built in Mindanao is also part of the agreement signed in May that finances the bridges.
It was first announced by Chinese Ambassador Zhao Jianhua in March. – Rappler.com
Pia Ranada covers the Office of the President and Bangsamoro regional issues for Rappler. While helping out with desk duties, she also watches the environment sector and the local government of Quezon City. For tips or story suggestions, you can reach her at email@example.com.