Finance Secretary Carlos Dominguez III, on behalf of the Philippine government, and Chinese Ambassador to the Philippines Huang Xilian, representing the government of the People’s Republic of China, exchange documents on the framework and loan agreements for the RMB 2.34 billion concessional financing package that will fund the construction of a 2-way, 4-lane bridge connecting Davao City and the Island Garden City of Samal in Mindanao.

At approximately P17.39 billion (about US$ 362 million), the loan for the Samal Island-Davao City Connector (SIDC) project is the first renminbi-denominated loan secured from China under the Duterte administration.

Also witnessing the exchange of documents held at the Department of Finance (DOF) in Manila on Monday, June 13, 2022, were DOF Undersecretaries Mark Dennis Joven and Maria Edita Tan, Project Director Sharif Madsmo Hasim of the Department of Public Works and Highways (DPWH), and Minister Counselor Yang Guoliang of the Chinese Embassy in Manila.