MANILA, Philippines — China has committed to extend a 27.52 million renminbi (P226.93 million) in grant to fund the modernization of a hybrid rice center in the country to boost palay productivity, the Department of Finance (DOF) said yesterday.
Finance Secretary Carlos Dominguez and Chinese Commerce Minister Zhong Shan forged the agreement through an exchange of letters on the sidelines of the annual Boao Forum for Asia in Hainan, China.
The DOF said the financing agreement, which would be implemented by the Department of Agriculture, would cover Phase III of the Technical Cooperation Project of the Philippines’ Agricultural Technology Center.
The DOF expects the grant to help boost the country’s rice production capacity.
The grant will also be utilized to upgrade the Philippine Sino Center for Agricultural Technology (PhilSCAT) facilities into a modern hybrid rice breeding station and technology demonstration center.
The PhilSCAT was established in 2000 by the Chinese and Philippine governments to enhance their communication and technical cooperation in agriculture and related fields.
The facility conducts demonstration trials of quality hybrid rice varieties, showcases advanced agro-machinery, and trains farmers in the use of agricultural technologies.
The DOF said the 27.52 million renminbi grant is one of the three accords signed by Dominguez in behalf of the Philippine government during President Duterte’s recent visit to Hainan, China. In total, the Philippines and China signed six new agreements.
The finance chief also signed the $62 million Preferential Buyer’s Credit Loan Agreement on the Chico River Pump Irrigation Project with Chinese Ambassador Zhao Jianhua, and the $79 million Agreement on Economic and Technical Cooperation with China Commerce Minister Zhong Shan for at least four other infrastructure projects.