PHL-China MOU on Belt and Road Initiative

Malacañang has released the memorandum of understanding between the Philippines and China on Manila’s intention to take part in Beijing’s Belt and Road Initiative (BRI).

The MOU was among the 29 deals signed during the state visit of Chinese President Xi Jinping to the Philippines last week.

Memorandum of understanding on Belt and Road Initiative cooperation between Philippines and China by GMA News Online on Scribd

Launched by China in 2013, the BRI seeks to build a trade and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes.

Under the MOU, the Philippines and China shall work together to achieve “sustainable growth and development” through the BRI and with “strictest respect for national laws, rules, regulations and policies."

The two countries will be guided by principles of "mutual respect for territorial integrity and sovereignty" and "complete transparency in their common endeavors to expand mutually beneficial cooperation."

Both sides also recognized that the “most sustainable growth of a country should not be at the expense of another, and that national progress is not a zero-sum game.”

The two countries committed to conduct "regular dialogues” on "key macroeconomic policies and development strategies."

The other areas of cooperation identified in the MOU were infrastructure development and connectivity, trade and investment, financial cooperation and socio-cultural exchanges.

The modes of cooperation may include high-level visits, exchanges and dialogues among stakeholders; pilot programs, research and development; capacity building and training in key areas; and investment and financial support for projects and programs agreed to by the Philippines and China.

“This memorandum of understanding does not create legally binding obligations for the participants [Philippines and China]. It is an expression of their common aspiration to cooperate on the Belt and Road Initiative for their mutual benefit,” the document stated.

Xi will host the second edition of the Belt and Road Forum for International Cooperation in April 2019 in Beijing with President Rodrigo Duterte expected to attend.

Duterte took part in the inaugural forum in May last year. —KBK, GMA News