Philippine Finance Secretary Teves stated on Monday that the government's expenditure to stimulate economic growth this year is equivalent to 30% of last year's 330 billion pesos, totaling 100 billion pesos (approximately 2.2 billion USD). This will be primarily invested in infrastructure, such as telecommunications, power, and water supply projects. He added that the government does not need to borrow funds to finance its stimulus plan.
China and the Philippines Sign $460 Million Hydropower Project Contract
China Gezhouba Group Corporation and the Philippine Agus 3 Hydropower Corporation signed a contract in Manila for the Agus 3 Hydropower Station project. The contract is valued at 460 million USD with a total construction period of 52 months. Agus 3 Hydropower Corporation will submit a loan application to the relevant Chinese banks. The Agus 3 Hydropower Station project is the final power station in the Agus River basin plan and serves as a supplement to the power supply on Mindanao Island. The Agus 3 Hydropower Station consists of a dam project, a water diversion and power generation system, a switchyard, and power transmission and transformation lines, with a total installed capacity of 240,000 kilowatts.
