(Yicai Global) Jan. 5 -- China is one of the Philippines' "most intimate partners," Philippine Finance Minister Carlos Dominguez said on Jan. 3, adding that the pair achieved sustainable development in economy and trade last year.

China is gradually fulfilling its pledge to offer the Philippines favorable loans and business investment, Singapore's Lianhe Zaobao reported.

After Philippine President Rodrigo Duterte's five-month anti-terror siege in southern city Marawi last year, China was among the first batch of countries to help rebuild the area, Dominguez said.

The two countries have since closed contracts to build a batch of infrastructure projects, including an irrigation system on the Chico River, a dam on the Kaliva River and the southern section of a north-south rail link.