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MANILA – Philippine President Ferdinand Marcos Jr was among the 23 national leaders who attended last month’s Belt and Road Initiative (BRI) summit in Beijing, marking the 10th anniversary of the US$1 trillion globe-spanning infrastructure-building program.
At the event, Chinese President Xi Jinping announced close to $100 billion in new state policy bank financing for the initiative. In a white paper published last month, China maintained “the ultimate goal of the BRI is to help build a global community of shared future.”
But the Philippines won’t be among the recipients of China’s largesse or shared future as Marcos Jr’s administration swerves decidedly away from China’s monied but troubled program for paving its global influence.
In a major development with geopolitical implications, the Philippine Department of Transportation has announced the full termination of a series of big-ticket infrastructure projects with China in favor of Japanese and Western rivals.
According to the Philippine Senate, nearly all of China’s key investment initiatives in the Philippines are now in doubt due to both economic and political factors. The upshot is a new nadir in Philippine-China relations, a dramatic about-turn from the six years of warm engagement under the pro-Beijing Rodrigo Duterte presidency.
For the Philippines, China has largely engaged in “pledge trap” diplomacy during the Duterte administration, a cynical ploy that entailed forward-deployed concessions in the South China Sea in exchange for largely illusory investment pledges. China pledged as much as $24 billion in infrastructure projects under Duterte, nearly none of which have been delivered.
Marcos Jr’s apparent departure from the BRI is rooted in deep bilateral grievances over contested territories in the South China Sea. Most recently, the Marcos Jr administration expressed vocal outrage over China’s harassment of Philippine resupply and patrol missions on and around the Second Thomas Shoal, where Manila maintains troops on a grounded ship.
asiatimes.com
At the event, Chinese President Xi Jinping announced close to $100 billion in new state policy bank financing for the initiative. In a white paper published last month, China maintained “the ultimate goal of the BRI is to help build a global community of shared future.”
But the Philippines won’t be among the recipients of China’s largesse or shared future as Marcos Jr’s administration swerves decidedly away from China’s monied but troubled program for paving its global influence.
In a major development with geopolitical implications, the Philippine Department of Transportation has announced the full termination of a series of big-ticket infrastructure projects with China in favor of Japanese and Western rivals.
According to the Philippine Senate, nearly all of China’s key investment initiatives in the Philippines are now in doubt due to both economic and political factors. The upshot is a new nadir in Philippine-China relations, a dramatic about-turn from the six years of warm engagement under the pro-Beijing Rodrigo Duterte presidency.
For the Philippines, China has largely engaged in “pledge trap” diplomacy during the Duterte administration, a cynical ploy that entailed forward-deployed concessions in the South China Sea in exchange for largely illusory investment pledges. China pledged as much as $24 billion in infrastructure projects under Duterte, nearly none of which have been delivered.
Marcos Jr’s apparent departure from the BRI is rooted in deep bilateral grievances over contested territories in the South China Sea. Most recently, the Marcos Jr administration expressed vocal outrage over China’s harassment of Philippine resupply and patrol missions on and around the Second Thomas Shoal, where Manila maintains troops on a grounded ship.
Why the Philippines is exiting the Belt and Road
MANILA – Philippine President Ferdinand Marcos Jr was not among the 23 national leaders who attended last month’s Belt and Road Initiative (BRI) summit in
asiatimes.com
