BEIJING — China has offered the Philippines over $9 billion in soft loans to fund drug rehabilitation programs and other development projects after President Rodrigo Duterte met with counterpart Xi Jinping on Thursday.
The Presidential Communications Office made the announcement in a news release hours after the two leaders' meeting.
Of the $9 billion concessionary offer, $3 billion will come in the form of credit from private banks.
During a ceremony after their bilateral meeting, Duterte and Xi witnessed the signing of a bilateral cooperation agreement including the Protocol on Cooperation between Philippine Drug Enforcement Agency (PDEA) of the Philippines and the Narcotics Control Bureau of the Ministry of Public Security of China.
China has also funded a mega-rehabilitation center at Fort Magsaysay in Nueva Ecija, which will begin operations in November.
SOURCE: GMA NEWS
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