In only a span of seven months, President Rodrigo Duterte has already raised the highest amount of Official Development Assistance for the Philippines approaching to the amount of P1 trillion.
This is the highest amount raised by any new presidents of the country in history said finance secretary Carlos Dominguez during the 49th Annual Installation of Officers and Board of Trustees of the Davao City Chamber of Commerce and Industry (DCCCII) on Saturday night, January 14, 2016.
The total ODA covers the voluntarily offered foreign assistance by China amounting to $9 billion and Japan’s offer of $9 billion (one trillion yen).
“I’m only counting the amounts from China and the amounts from Japan. Both of them are roughly US-billion a piece, which is about 18 trillion. And there are some more ODA that we have received but I haven’t counted in from various other countries,” Dominguez explained.
He said the total amount does not count trade deals like the $15-billion private commercial deals between the Philippines and China.
According to Dominguez, ODA means government-provided financial loans for infrastructure projects with generally low interest rates and long term payment.
While they will still discuss on the table the one-trillion-yen assistance offered by Japan, Dominguez said they already submitted a list of projects to China last November 29, 2016. Sometime this January, they will travel to China to discuss how to progress the projects submitted to them.
On why the country is receiving such big offers, Dominguez said, “Maybe they see that the money will be truly used for people.” He added that these countries see lots of potentials in the economy under current administration.
“I think they see a lot of potential in the Philippine economy.”
He said these are potential for the growth of the Philippine economy and a potential for the two countries to do business here.