HUA HIN, Thailand – The Philippines is having second thoughts about accessing concessional loans under China’s $15 billion offer to help member states of the Association of Southeast Asian Nations recover from the worldwide financial crisis and natural calamities.

Trade Secretary Peter Favila said the country’s position on whether or not to grab the Chinese offer would hinge on the attractiveness of its terms, adding that the offer is being crowded by the proposed P50 billion reconstruction bonds that the Philippines plans to tap from the “banking system.”

“Mukhang malaki ang appetite for it because if it has sovereign guarantee, it has good features,” he explained, referring to investors’ interest in the reconstruction bonds. “We can compare where we can get it at the least cost for us.”

Bilateral talks with China were scheduled this morning here on the sidelines of the 15th ASEAN Summit being hosted by Thailand in this royal resort.

Favila said the terms for the Chinese loan offer to ASEAN have yet to be released.

“We have to understand first the features of what they can offer on the table,” the trade secretary added.

During the 12th ASEAN-China Summit on Saturday, Chinese Premier Wen Jiabao aired his government’s hopes of strengthening cooperation between ASEAN and China, Japan and South Korea in battling the effects of the global financial crisis.

"Tackling the global financial crisis should remain the top priority for countries in the region at present," Wen said.

The Summit followed up the establishment of the China-ASEAN Funds on Investment Cooperation and on Commercial Credit, to which China has pledged to contribute $10 billion and $15 billion, respectively.

First discussed by Wen last April, the funds aim to support infrastructure development in the China-ASEAN region and enhance trade and economic ties.

The funds will benefit the expansion of trade, investment and people-to-people contacts between both sides, in particular after the full implementation of the ASEAN-China Free Trade Area (FTA) in January next year.

Wen also said China is looking forward to the launching this year of the Chiang Mai Initiative Multilateralization (CMIM), a $120 billion regional reserve pool aimed at providing liquidity for countries in financial crisis.

In a statement, ASEAN leaders said they were expecting to sign three memorandums of agreements with China Sunday for the establishment of the ASEAN-China Center; cooperation in the field of intellectual property and cooperation in the field of standards, technical regulations and conformity assessments.

“These MoUs would contribute towards the enhancement of trade, investment, tourism, cultural and people-to-people exchange, as well as cooperation in the field of intellectual property and standards, technical regulations and conformity assessment on imported and exported products between ASEAN and China to ensure peoples’ benefit and safety,” the ASEAN statement said.