China and Philippines agree to cooperate on 30 projects worth US$3.7b
Agreement comes as part of a visit to Beijing by cabinet-level delegation from Manila
Beijing has agreed on bilateral cooperation with Manila on 30 projects worth US$3.7 billion, including ones for infrastructure and poverty alleviation.
The agreement was reached after a meeting between Commerce Minister Gao Hucheng and Philippine Finance Secretary Carlos Dominguez III, who has been leading a cabinet delegation on its three-day visit to Beijing.
Gao announced the deals without giving details, saying this “initial batch” of projects still needed to be finalised and then processed by the banks involved.
Dominguez said he had a “very productive” meeting with Gao, and that they had discussed large projects in rural areas as well as some smaller bilateral undertakings, according to a report from Reuters.
Foreign ministry spokeswoman Hua Chunying said recent visits by Philippine delegations had reflected a stronger mutual trust between the two countries.