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One Belt, One Road a boon to Asean — Dominguez
MANILA, Philippines — The Association of Southeast Asian Nations (ASEAN) stands to benefit from the China-led One Belt, One Road initiative, as it would help further solidify cooperation within the region, the Department of Finance (DOF) said.
Finance Secretary Carlos Dominguez said the Belt and Road Initiative is in line with the ASEAN’s efforts to achieve regional integration.
“The nations of Southeast Asia stand to benefit hugely from the Belt and Road initiative. That complements our own efforts at regionalization. It will help make regional integration and economic cooperation more intensive,” Dominguez said during the Seventh Executive Board Meeting of the China-ASEAN Bank Association (CAIBA).
The finance chief said the OBOR initiative, coupled with ASEAN’s own integration measures, would serve the “most fortuitous” for the Philippines, as it would help with the Philippine economy’s shift to investment-led growth through the modernization of infrastructure.
China’s OBOR initiative, which is estimated to cost about $1 trillion, aims to gather some 60 countries to invest in infrastructure projects, and develop land and maritime routes which will connect China to Central Asia and Europe.
Earlier, Dominguez said the OBOR initiative would be beneficial for the country as it would promote free trade and enhance economic cooperation across Asia and Europe.
He had said the country’s manufacturing industry —particularly the electronics producers — along with the food exports sector, would also gain the most benefits.
As such, Dominguez had expressed committment to support the One Belt, One Road program.
Meanwhile, he also expressed gratitude to China during the CAIBA meeting for assisting the Philippines, particularly in closing its infrastructure gap.
Dominguez recently signed a financial cooperation agreement with the Export-Import Bank of China, for the provision of $234.92 million in loans for the Kaliwa Dam project, and $72.49 million for the Chico River irrigation project.
The finance chief also inked an agreement on economic and technical cooperation, which provides a 150-million renminbi ($23 million) grant for the Marawi reconstruction efforts.
He also signed an underwriting agreement with the Bank of China and Standard Chartered Bank (China) on the government’s planned issuance of panda bonds or renminbi-denominated debt papers.
Source: http://www.philstar.com/business/2017/11/27/1762676/one-belt-one-road-boon-asean-dominguez