Geng Shuang, the spokesperson of the MFA. (Photo: MFA)

The Philippine Finance Minister Carlos Dominguez III said at the "Philippine Development" forum on November 25, that if this year's financing projects are included, the Philippines's project debt to China will only account for 0.65 percent of the total debt of the Philippines. If most of the infrastructure projects are successfully financed by 2022, the Philippines' debt to China is expected to account for 4.5 percent of total debt. "So there is no danger of us being drowned by Chinese debt," said by Dominguez III.

China's Ministry of Foreign Affairs said that the proportion of China's loans to the Philippines's external debt is very limited, and the Philippines won't fall into the so-called "debt trap" due to that.

"China is funding the relevant infrastructure projects according to the requirements of the Philippines, which is in line with the economic and social development needs of the Philippines. We believe that these projects will further improve the people's livelihood in the Philippines, boost the economic growth of the Philippines, and provide new impetus for the development of the Philippines," the MFA said on Tuesday in a regular media conference.

Geng Shuang, the spokesperson of the MFA said, "China and the Philippines are friendly neighbors across the sea. In recent years, the China-Philippines relations have been developing steadily and bringing practical benefits to both peoples. Not long ago, President Xi Jinping successfully made a state visit to the Philippines. The two sides signed about 30 cooperation agreements covering various fields including infrastructure, energy and agriculture. Based on the consensus of the leaders of the two countries, the two sides will continue to deepen pragmatic cooperation in various fields and achieve common development for the benefit of the two countries and their peoples."