In November 2018, the Philippines signed an agreement with the Chinese government to jointly invest in the healthcare sector of the Philippines.
The agreement, known as the PHP-China Healthcare Partnership (PHP-CHP), includes investment in healthcare infrastructure, health education, and the PHPA’s Pharmaceutical Assistance Program (PAP) to provide low-cost medicines and medicines for patients.
Under the agreement, China will provide 100 million yuan ($16.5 million) in PAP loans, and will invest another 10 million yuan in PHPA infrastructure projects, as well as a total of 5.2 billion yuan in healthcare sectors.
In addition, the Philippine government will establish a PHPA-China Center for the Advancement of Medical Research and the establishment of a PHPPA Health Care Partnership Fund.
The PHPA also intends to create a PH-CHPA Center for Health Education.
In order to promote economic growth and enhance social stability, the agreement was signed in order to ensure the sustainable development of the health sector of PHPA.
The Philippines President Rodrigo Duterte has previously made it clear that he would sign an agreement to develop PHPA and to strengthen its ties with China.
“The two sides will also engage in a strategic partnership in the health care sector,” said a press release from the PH-China Health Alliance.
“We have agreed to work together to promote and enhance economic growth, social stability and health, and to create opportunities for healthcare workers to expand their careers, as a necessary part of a comprehensive solution to the health system crisis.”
PH-China will have a joint venture in the PH PA and PH-PHPA will be the Philippine entity that will administer the PHAP, the PHNP, and PHPA, said the PHHP.
The Chinese government has also invested in the Philippines healthcare sector, in addition to the PHPCA.
In the past, the Chinese Embassy in Manila has also established a PHPC-China Hospital Corporation.
PHPA will provide an estimated 20 million yuan to PHPA hospitals, which will allow them to acquire and use high-quality, low- cost medications and medicines.
PH-china is also expected to invest up to 5 billion yuan into PHPA healthcare facilities, including the PHPF, PHPA Health Education and PHPMP, which is the PHPPP’s Healthcare Partnership Fund, said a joint press release.
PHPCP’s goal is to provide healthcare to the population at an affordable cost and to ensure that the population is properly informed about its medical care.
“Our healthcare sector is one of the most promising sectors for China’s economy, and we will work together with the government of China to promote health care and the sustainable and healthy development of our country,” said PH-Chinese Minister of Health, Dr. Carlos Carrasquillo, in a press conference.
PHPMPP is the Philippine counterpart of the PHIPA, which was formed in 2018 and has a budget of 3 billion pesos ($17.6 million).
The PHPCPA is the first step toward the creation of a joint PH-Philippines entity to operate under the PHPE, which would allow PHPA to invest more in its health and education sectors, as it is already an official entity.
PHPP is expected to have a budget that could exceed $4 billion.
“This is a very exciting day for the health and healthcare sector in the country,” Carrasquin said.
The first step towards a joint entity between PHPA/PHPCP and PHPP was taken after the signing of the agreement with China in 2017.
The joint entity will have the power to manage the PHPe and PHPCPs assets, and it will oversee the PH PE’s financial activities.
“By working together, we can achieve the full potential of PHPE and PHPE will be able to grow to its full potential,” said Dr. Carrasquer, who is also the secretary of PHPCPP.
The partnership between PHPP and PHPAP is a significant milestone for the Philippine healthcare sector.
“These are great milestones for the healthcare industry in the Philippine region,” said Jovita Barboza, an associate professor of Philippine Studies at De La Salle University in Manila.
“In the future, we will be more involved in the government and more in the economy, but also the healthcare economy.
We will be at the forefront of the Philippine health sector.”
PHPA CEO Joseph Noyes said that the joint entity is an important milestone for PHPA as a government entity.
“There is a need for a government agency to manage our investments, as there are other health entities that have their own boards and governance structures,” Noyers said.
PHPPPA will now work to promote the PH PPA to develop the PH PHP and the Philippine economy.
The Philippine government has invested billions of pesos into PHPE since it was created in 2018.
The Duterte administration has also made PHPA a cornerstone of its economic development plans