PHILIPPINES - China extends loan for Busuanga Development - Palawan Islands

palawan.com, 12-9-2006

CHINA has committed to extend official development assistance (ODA) to boost Philippine tourism, according to the National Economic and Development Authority, adding the funds would be used to develop alternative destinations like Busuanga, an island north of Palawan province. Socioeconomic Planning Secretary Romulo Neri on Monday disclosed that the loan of between $5 billion and $10 billion from China’s Export-Import Bank would be used to develop tourism destinations like Busuanga as an alternative to world-renowned Boracay Island.

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