31 Jan '17, 9pm

Duterte plans to diversify economy with heavy China aid

President Rodrigo Duterte is proposing to diversify the narrow- based Philippine economy with an ambitious infrastructure development programme that will carry heavy Chinese involvement, a prospect that is exciting the local business community and, at the same time, stoking diplomatic unease. Over the course of Mr Duterte's six-year term ending in 2022, more than 7 trillion pesos (S$200 billion) has been targeted for the development of roads, railway networks, the upgrading of ports and airports, the construction of dams and irrigation networks, and the building of bridges to connect the major islands in the archipelago. And for the first time, financial aid and technology for these ventures will come from China, which in recent months has pledged more than US$15 billion in aid to the Philippines, Asean's fourth-biggest economy by gross domestic product (GDP). So far, thre...

Full article: http://www.straitstimes.com/asia/se-asia/duterte-plans-to...

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