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China 'highly commends' AIIB's $750-million loan to support PH pandemic response: embassy

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2020/business/06/10/20200511-covid-lockdown-sap-batasan-jvc-12.jpg"/><figcaption>An old woman lines up during the distribution of cash assistance at the Batasan Elementary School in Quezon City. Jire Carreon, ABS-CBN News/File</figcaption></figure></div>MANILA - The Chinese Embassy in Manila said Wednesday Beijing &quot;highly commends&quot; the contribution of the Asian Infrastructure Investment Bank (AIIB) to the Philippines&#x27; coronavirus pandemic war chest.The China-backed AIIB recently approved a $750-million (P37.3 billion) loan to support the Philippines fight against COVID-19. &quot;China highly commends the contribution made by AIIB to helping the Philippines build economic resilience and ensure quick recovery from this pandemic,&quot; the spokesperson of the Chinese Embassy in the Philippines said.&quot;China firmly supports and upholds the multilateral efforts of international organizations to help the Philippines and other economies in need to tackle the challenges posed by COVID-19,&quot; the statement said.The loan is part of a $10-billion funding facility the AIIB has announced to help public and private sector entities deal with the pandemic, the lender earlier said.The Philippines has deployed a series of emergency and recovery responses to cushion the impact of COVID-19, including cash aid for the poorest 18 million families and displaced workers, and P51 billion in wage subsidies, among others. Bangko Sentral ng Pilipinas Governor Benjamin Diokno earlier said the country needed fresh funds for the post-pandemic new economy that is focused on jobs. The Chinese government had earlier sent medical supplies, including COVID-19 test kits and protective equipment, to support the Philippines&#x27; efforts to contain the virus, which originated from the Chinese city of Wuhan in late 2019. Just this Tuesday, the two countries <a href="https://news.abs-cbn.com/news/06/09/20/virus-fight-cemented-philippines-china-ties-says-beijings-envoy">marked</a> 45 years of diplomatic relations in the backdrop of still unresolved disputes over the South China Sea. <ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/29/20/china-backed-aiib-approves-750-m-loan-for-philippines-pandemic-response">China-backed AIIB approves $750-M loan for Philippines&#x27; pandemic response</a></li>	<li><a href="https://news.abs-cbn.com/business/04/27/20/adb-approves-200-m-loan-to-philippines-for-covid-19-fight">ADB approves $200-M loan to Philippines for COVID-19 fight</a></li>	<li><a href="https://news.abs-cbn.com/business/05/11/20/philippines-covid-bangko-sentral-benjamin-diokno-supplementary-budget-new-economy">Philippines needs fresh budget for jobs, &#x27;new economy&#x27;: Bangko Sentral</a></li></ul>

The Chinese Embassy in Manila said Wednesday Beijing "highly recommends" the contribution of the Asian Infrastructure Investment Bank (AIIB) to the Philippines coronavirus pandemic war chest.

The Chinese Embassy in Manila said Wednesday Beijing "highly recommends" the contribution of the Asian Infrastructure Investment Bank (AIIB) to the Philippines coronavirus pandemic war chest.