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Chinese Government pledges USD $6 billion in soft loans to the Philippines in October 2016 (Linked to Record ID#49832 and #63923)
| Funder | Unspecified Chinese Government Institution |
|---|---|
| Recipient Organization | Government of the Philippines |
| Country | Philippines |
| Start Date | Oct 20, 2016 |
| End Date | Jun 27, 2026 |
| Duration | 3,537 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 49277 |
Grant Description
Chinese Government pledges USD $6 billion in soft loans to the Philippines in October 2016 On October 20, 2016, the Chinese Government agreed to provide USD $6 billion in official development assistance to the Philippines.
This agreement was committed to by Chinese President Xi and Filipino President Duterte during a visit by Duterte to China.
On this day, the parties agreed to a total of $9 billion committed by China to the Philippines, with the additional $3 billion stemming from credit facilities provided by the Bank of China (recorded in Record ID#49832). This $6 billion in loans will be used for drug rehabilitation, infrastructure, and other sectors.
One such project, a drug rehab center in Bukidnan, broke ground on March 3, 2017.
Of the total $6 billion, $15 million (P720 million) or 100 million RMB, worth of soft loans will be devoted to drug rehabilitation programs (see Record ID#63923, an RMB 100 million ETCA signed the same day as the USD $6 billion commitment).
Sources & References
- PH bags $13.5B in deals from China
- China offers $9B in soft loans for PHL's drug program, other projects
- Philippines
- China sign $24-B deals
- China Pledges $9 billion in aid
- China commits $9B in 'soft loans' for PH drug rehab, dev't projects
- Duterte to bring home $24 billion from China
- Bank of China commits $3B loan facility for PHL MSMEs, $33B in investment & aid pledged by China
- Japan is highest for PHL
- Philippines Looks to China for Infrastructure Funds Despite Doubts at Home
- PH securing financing from China to speed up infra projects — Pernia
- China promised Duterte US$9 billion. He’s had only US$924 million in loans and grants. Why?
- Bridging the Infrastructure Investment Gap through Foreign Aid: A Briefer on Chinese ODA
- P700-million drug rehab center breaks ground in Bukidnon Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
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Government of the Philippines
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