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Dominguez: Duterte got $33B investments, loans in foreign trips

/ 12:37 PM February 28, 2017
Finance Secretary Carlos Dominguez III says that the country’s growth momentum, coupled with low inflation rate, stable currency, and strong political leadership of the Duterte administration, has earnestly opened the doors for business with other nations. Sec. Dominguez speaks before the media during a press briefing in Malacañan on November 2. KING RODRIGUEZ/ Presidential Photo

Finance Secretary Carlos Dominguez III said on Tuesday, Feb. 28, 2017, that President Rodrigo Duterte’s foreign trips raised $33 billion, or P1.617 trillion, in investments, loans and commitments for the country. KING RODRIGUEZ/ Presidential Photo

Finance Secretary Carlos “Sonny” Dominguez III on Tuesday said President Rodrigo Duterte raised $33 billion (P1.617 trillion) in commitments from his visits to other countries.

“In total, the President has raised a total of $33 billion in all these trips,” Dominguez said in Palace briefing.

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The Secretary pointed out that it was a large amount compared to the $5.5 million, or P270 million, spent on his travels abroad.

“That is equivalent to spending something like 17 centavos per every P1,000 that he has raised in investments and loans,” he said.

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Among the commitments that Duterte received are the $9 billion in official development assistance (ODA) and commercial loans from Chinese President Xi Jinping, Dominguez said.

He said Japanese Prime Minister Shinzo Abe also committed another $9 billion in ODA and commercial loans.

“This of course does not include the other benefits that he brought back which are better job opportunities, better transportation, better social services in the future,” Dominguez said. CBB

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TAGS: Carlos Dominguez, foreign assistance, news, ODA, Rodrigo Duterte, Sonny Dominguez III
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