MALOLOS CITY — China’s ancient Silk Road revival initiative will greatly benefit the Philippines’ Build-Build-Build infrastructure program.
“In Silk Road, the Philippines is included in the route of its Maritime Silk Road. It is beneficial to the Philippines because through the Silk Road’s One Belt, One Road (OBOR) initiative, it will focus on assisting infrastructure development which the Philippines badly needs. It will also improve trade between the two countries, promote tourism exchanges and enhance cooperation in technology and agriculture,” Bulacan State University (BulSU) Confucius Institute Chinese Director Wei Shuili said.
BulSU earlier held its Mid-Autumn Festival which coincides with the 68th founding anniversary of the People’s Republic of China.
OBOR initiative is a Chinese economic and strategic agenda by which the two ends of Eurasia, as well as Africa and Oceania, are being more closely tied along two routes- one overland and maritime.
In order to realize this, China led the establishment of the Asian Infrastructure Investment Bank (AIIB) to modernize the infrastructure in the region.
“AIIB has approved $US 206 million loan for the Philippines to partly fund flood control projects in Obando, Meycauayan, Marilao and San Jose Del Monte City. China is also set to fund the construction of the New Centennial Water Source-Kaliwa Dam in Tanay, Rizal. Once completed, Metro Manila will tremendously reduce its dependence to Angat Dam in Norzagaray, Bulacan,” Wei added. (CLJD/SFV-PIA 3) Shane F. Velasco