President Gloria Macapagal-Arroyo has decided to form a special panel to oversee the official development assistance (ODA) from China in the wake of the ZTE controversy.
Pres. Arroyo said in a statement, "China is the fastest growing country in the region and the world. We see it rise as a significant opportunity for the Philippines."
"China is currently our third largest trading partner with whom we have had a substantial trade surplus since 2002," she noted, adding that the country's Framework Agreement on Expanding and Deepening Bilateral Economic and Trade Cooperation is expected to further enhance bilateral merchandise trade with China.
Because of this, she said she was creating a special panel to oversee projects under the China official development assistance program.
"The China Projects Oversight Panel shall be headed by Secretary Peter Favila as the overall coordinator of our Framework Agreement with China, with Secretary Rolando Andaya as the Chairman of the Government Procurement Policy Board, Secretary Cerge Remonde as Chairman of the Pro-Performance Group, a Church leader whom we shall invite, and a representative of the Union of Local Authorities of the Philippines as members," she enumerated.
She added, "The state remains committed to making long-overdue investments in our country and our people."