China giving P3.8B to PH, agrees to offshore oil development

In this photo, taken Nov. 11, 2017, and released by China’s Xinhua News Agency, Philippine President Rodrigo Duterte (left) and Chinese President Xi Jinping shake hands as they pose for a photo during a meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Forum in Danang, Vietnam. AP FILE

HAINAN, China — China is giving the Philippines another P3.8 billion in economic assistance, while the two countries also agreed to pursue offshore oil development during the meeting of President Rodrigo Duterte and President Xi Jinping on Tuesday.

“There was a more or less mention that joint development of offshore oil development must continue,” said presidential spokesperson Harry Roque.

At the same time, China committed to provide the Philippines another 500 million yuan or P3.8 billion in further economic assistance during the meeting of the two leaders, said Roque.

Duterte and Xi also talked about the South China Sea dispute and agreed to focus on stability in the region, said Roque. They also agreed to strengthen communication to avoid any untoward incidents, he said.

The two leaders likewise agreed to further their cooperation on terrorism and drugs.

Duterte thanked Xi for building drug rehabilitation facilities in the Philippines.

The two leaders met after their attendance to the Boao Forum for Asia, a gathering of world leaders, businessmen, and members of the academe to discuss economic matters. /cbb