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PIA Press Release
2009/10/27

Reconstruction Commission may borrow from China's $15-B fund

Manila (27 October) -- The National Public-Private Reconstruction Commission may avail itself of the $15 billion commercial credit from the People's Republic of China to repair infrastructure projects damaged by typhoons Ondoy in Metro Manila and typhoon Pepeng in Northern Luzon.

commercial credit will be available to the ten ASEAN member-nations in the next three to five years.

The decision, however, rests on the newly created commission.

Trade Secretary Peter Favila pointed out that the commission, not the government, is making a study on the actual damage and the cost needed to fund the rehabilitation program.

The People's Republic of China announced during the 12th ASEAN-China Summit held here Saturday that it will raise the preferential part of the commercial credit by $5 billion to demonstrate its support for ASEAN-China cooperation.

China is ASEAN's fourth largest trading and investment partner. Its trade with ASEAN accounts for 10.6 percent of ASEAN's total trade.

In 2008, the bilateral trade volume was $231.1 billion. China's direct foreign investment in the ASEAN reached $2.18 billion in 2008, with an increase of 125 percent compared with that of 2007.

In April during the cancelled ASEAN Summit in Pattaya, Thailand, China announced its plan to establish an ASEAN-China investment cooperation fund primarily designed for cooperation on infrastructure construction, energy and resources, information and communications. (PIA) [top]

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