Philippines To Leave The BRI And Became The Another Latest Country

Many countries have recently announced to leave and exit from the ambitious Belt and Road Initiative [BRI]. The Philippines left the BRI and became the latest country. It could be another blow for China for its "Project of the Century." The project is estimated to be around $1 trillion.

Philippines Out of BRI Project [Credit-Asia Globe]

The Philippines statement came a few days after Chinese President Xi Jinping hosted leaders of 23 countries for the Belt and Road Forum in Beijing. The Forum aimed to instill fresh life and energy into the ambitious infrastructure,e plan which has slow down fordue to many reasons.

The Philippines to Leave/Exit BRI is Another Blow:

According to a report by Asia Times, the Philippines Department of Transportation has declared the "full termination" of all three big infrastructure projects with China in favor of Japan and other Western rivals.

BRI Forum In China [Credit-The Cradle]

The Philippines government clearly stated that in consideration of economic and political factors, all its key investment initiatives with China have been terminated. China has/shares uneasy relations with its South China Sea neighbors, like the Philippines.

According to analysts, the long-standing dispute between China and the Philippines could be the major reason for this decision because a few days back, the Chinese ship hit the Philippines Coast Guard vessel.

According to the Philippines Transport Minister Batista's statement in Manila during the European Investors Forum, "We have three projects that won't be funded by the Chinese government anymore. We can't wait forever, and it seems like China is not that interested anymore."

 

Philippines Leave the Three Big Projects of BRI [Credit-Devdiscourse]

The Philippines is now looking towards traditional investment partners like Japan, South Korea, the US, and the European Union for alternative moves.

Controversy With Belt and Road Initiative [BRI]:

The latest development is yet another challenge for President Xi Jinping. He organized the BRI Forum last month in China to convince the world to bet on the massive infrastructure project. BRI is considered the "Brainchild" of President Xi.

A few days back, Italy, the lonely G7 member country, quit out from the BRI project. According to the Italian authority, we will withdraw our participation by the end of this year because the project failed to meet its expectations.

Italy Quits BRI Project [Credit-Study IQ IAS]

According to experts and a report by Bloomberg, overall BRI activity has come down about 40% from its peak in 2018. The reasons behind the slowdown were the economic crisis in China and the debt woes of the participating nations. 

Countries find irresponsible lender behavior in China. Many countries have seen an example of Sri Lanka and the growing situation in many African countries. Moreover, the Chinese move to disengage and disrupt ties with the US made the BRI a divisive phenomenon.

Stand taken by the Philippines to leave the BRI not only has geopolitical considerations but bigger consequences like the ailing infrastructure plan, Chinese economic slowdown, and debt trap fears.

Thanks and Regards

Read Also Joe Biden Instinct IMEEC Could be The Reason for Hamas-Israel attack