Fact check: Has China's $24 billion investment promise to the Philippines been fulfilled?

Fact check: Has China's $24 billion investment promise to the Philippines been fulfilled?

- In the news today, "experts" are supposedly looking into the reported $24 billion investment pledge that was made by China to the Philippines almost a couple of years ago

- Now, they are apparently saying, and we quote, "barely any projects have materialized"

- According to the news source, this is reportedly prompting growing concerns that, and we quote: "President Rodrigo Duterte has undermined the country's sovereignty with little to show in return"

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Bloomberg reported this latest news on the $24 billion investment pledge that China promised to the Philippines about almost a couple of years ago.

According to the news source, KAMI learned that there were reportedly 27 deals signed between China, and the Philippines during the visit to Beijing of President Rodrigo Duterte sometime in October of 2016.

Apparently, China agreed originally to give:

"$9 billion in soft loans, including a $3 billion credit line with the Bank of China, with a further $15 billion worth of direct investments from Chinese firms in railway, port, energy and mining projects,"

out of the 27 deals, reportedly.

Though it didn't detail a timeline, according to the report.

The report continues that according to Ernesto Pernia, Secretary of Economic Planning:

"Since then, the Philippines has completed only one loan agreement with China worth $73 million to fund an irrigation project north of the capital, Manila."

In addition, there are reportedly 2 bridges in Manila, which is said to be funded with Chinese grants that are worth up to $75 million were inaugurated last week.

However, the report continues that Pernia said at a briefing earlier this month, and we quote:

"The process of securing loans from China “seems to be moving slower” compared to getting assistance from other countries such as Japan."

With the supposed questions regarding on the $24 billion promised, China's Ministry of Foreign Affairs reportedly disputed the assertion or claim that it had not followed through on its reported investment commitments in the Philippines.

Thus, "pointing to the bridge and irriation projects."

Along with that reported emailed statement, it apparently also mentioned on its relation with the Philippines, and we quote:

“China-Philippines relations are continuously strengthening and deepening."

In closing, it also reportedly stated, and again, we quote:

“China attaches great importance to friendly cooperation with the Philippines and enthusiastically supports President Duterte’s ’Major Construction, Strong Construction’ plan.”

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Source: Kami.com.ph

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