China Visit Helps Duterte Reap Funding Deals Worth $24 Billion
- China not just a friend, but a big brother: Duterte Spokesman
- Railways, ports, energy and mining agreements signed
Rodrigo Duterte
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Philippine President Rodrigo Duterte will bring home $24 billion worth of funding and investment pledges from his four-day visit to China as both nations agreed to resume talks and explore areas of cooperation in the South China Sea.
China will provide $9 billion in soft loans, including a $3 billion credit line with the Bank of China, while economic deals including investments would yield $15 billion, Trade Secretary Ramon Lopez told reporters in Beijing on Friday. Preliminary agreements in railways, ports, energy and mining worth $11.2 billion were signed between Philippine and Chinese firms.