The loan agreements were co-signed by Export-Import Bank of China Chair Wu Fulin for the financing of the Priority Bridges Crossing Pasig-Marikina River and Manggahan Floodway.
The Department of Finance announced that Manila and Beijing have signed four individual loan agreements, with an aggregate amount of $201.8 million, bringing the cumulative loan commitments with China for ongoing infrastructure projects in the Philippines at $1.06 billion.
“The signing of these agreements demonstrates the strong commitment between China and the Philippines to deepen bilateral cooperation through infrastructure development,” said Diokno, who was part of the president’s official delegation. Meanwhile, the framework agreement for the implementation of the Priority Bridges Crossing Pasig-Marikina River and Manggahan Floodway under Chinese government financing is a precursor agreement.
Diokno and Luo also signed the agreement on Economic and Technical Cooperation between the China and the Philippines.
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