The Duterte administration managed to accumulate roughly P1 trillion in official development assistance (ODA) from economic giants China and Japan in its first seven months, Finance Secretary Carlos Dominguez III said in a Palace statement last Sunday.
“From July 1st to now, the President has raised close to P1 trillion in ODA. And I’m only counting the amounts from China and Japan, and there’s more ODA that we have received but haven’t counted in from various countries,” Dominguez said noting that even trade deals are not included in the count.
ODA refers to the official grants given by foreign governments to help surge the economic status of developing countries.
According to Dominguez, the ODA from China and Japan alone have totalled to $18 billion (900 billion).
"The ODA from Japan, as announced by Japanese Prime Minister Shinzo Abe, is 1 trillion yen, which is equivalent to more or less $9 billion," Dominguez noted.
For the ODA from China, the Finance Secretary said the government had already submitted the list of projects to China last November.
Source: Philippine Daily Inquirer