Category : Business and economicsPublished on: November 09 2023
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The Philippines is still part of China's Belt and Road Initiative.
Recently it has started exiting this project.
The Philippines government has ended all BRI projects and decided to hand over the work related to the project to Japan and Western countries.
The Senate of the Philippines has said that every investment by China is under suspicion due to economic and political reasons.
China had announced to invest $4.9 billion in the Philippines under the Belt and Road Project.
China had taken a tough stance against the Philippines' patrolling in the South China Sea, over which Philippines President Ferdinand Marcos Jr. had expressed concern.
Philippines is the second country after Italy to opt out of this project.
The Belt and Road project was launched in the year 2013.
Under this project, China is creating land and sea connectivity between Asia, Europe and Africa.
