China and Japan committed $33 billion worth of investments and development assistance packages to the Philippines, among the largest amounts announced by the two economic powerhouses for a single country, Finance Secretary Carlos Dominguez III said Monday.
Dominguez said the unprecedented pledges of aid and investments by Japan of $9 billion and China of $24 billion reflected the strong confidence of the international community in the Duterte administration’s capability to sustain the Philippines’ high growth path and realize its inclusive growth agenda.
“These record inflows from Tokyo and Beijing make up the initial investment dividend from the President’s foreign policy rebalancing towards accelerated integration with our Asean [Association of Southeast Asian Nations] peers and major Asian trading partners China, Japan and South Korea,” Dominguez said.
“Also, such financial assistance from Beijing and Tokyo at the onset of this administration best illustrate the international community’s deepening confidence in the Duterte presidency that drown out the political chatter emanating from certain quarters,” he said.
Dominguez said the funding and investment commitments were the highest announced by Japan and China for one country . He said such commitments also mirrored the strong relations that the Philippines had with Japan and China.