MANILA - The Philippines is among 4 Asian economies that stand to benefit the most from China's plan to build billions of dollars in new infrastructure across 3 continents to foster trade, according to Nomura research released Tuesday.
Chinese infrastructure aid to the Philippines will amount to 10.5 percent of its gross domestic product, the fourth largest in the region next to Pakistan, Bangladesh and Malaysia, Nomura said.
Beijing, according to Nomura estimates, is poised to spend $1.5 trillion over 10 years for its Belt and Road Initiative, inspired the ancient "silk road" that connected Asia to Europe and Africa.
The Belt and Road Initiative is a "platform for lower-income recipient economies to fast track to a higher stage of economic development," Nomura said.
Chinese-funded projects will increase foreign direct investments, plug infrastructure gaps, spur growth in the digital economy and build supply chains, the report said.
President Rodrigo Duterte attended the Belt and Road launch last year, as ties between Manila and Beijing flourished after he took office in 2016.
Duterte refused to tout the Philippines' victory over China in an international tribunal over disputes in the South China Sea. The case was initiated by his predecessor, former President Beningo Aquino.
Beijing has committed to fund at least 2 bridges in the capital. During Chinese Premier Li Keqiang's visit to Manila in November last year, Filipino officials submitted a list of projects for Chinese financing, including the Subic-Clark Railway, Davao City Expressway, and Panay-Guimaras-Negros Inter-Island Bridge.