The Chinese Factor
By Carlos H. Conde
Newsbreak
Published: October 23, 2006
During A meeting of the Philippines Development Forum at the Makati Shangri-la Hotel in August, not a few among the more than 100 diplomats, economists, technocrats, and executives from aid agencies dropped their jaws after hearing from Romulo Neri, the Arroyo administration’s chief economist, that US$2 billion had been earmarked for development projects in the Philippines from one single source.
The amount was staggering on at least two levels: one, it was way above the usual pledges of development aid (the International Monetary Fund, the World Bank, and Japan promised $1.4 billion combined, with $1 billion more still being negotiated); and, the money would come from China.
On another, perhaps more significant, level, it underscored China’s growing economic engagement with the Philippines. This is merely reflective of this economic giant’s awakening, shaking the entire world in the process.
Posted on October 23, 2006, and filed under Stories | Comments
