China’s Belt and Road Initiative: Implications for the Philippines

The concept of a “Maritime Silk Road” is nothing new as it dates back to as early as the nineteenth century, when ancient merchants journeyed the route of China’s eastern coast, the southernmost region of India, East Africa, the Persian Gulf, and the Red Sea to enhance economic and cultural relations.4 In March 2015, the Chinese government, led by the National Development and Reform Commission, Mi. [...] The use of the renminbi was also promoted, to wit: We will support the efforts of governments of the countries along the Belt and Road and their companies and financial institutions with good credit-rating to issue renminbi bonds in China. [...] 3 march 2018 Included in the first basket of infrastructure projects funded and built with the assistance of China through aid is the PNR South Long Haul, which is also registered under BBB projects.40 The implementation of the project commenced in 2014 and is targeted to end by the second quarter of 2022. [...] The ambiguity of the Chinese government in explaining the ins and outs of the project has led people to have the notion that BRI is a blueprint to pursue its geopolitical interests and emerge as a dominant power in the region. [...] Estrada is a Foreign Affairs Research The views expressed in this publication are of the authors Specialist with the Center of International Relations and alone and do not reflect the official position of the Foreign Strategic Studies of the Foreign Service Institute.