PH Eyes New Loans From China For 4 Infra Projects
PH EYES NEW CHINA LOANS – The Philippines is now in talks with China to get a loan for four more infrastructure projects worth P94 billion.
According to Finance Undersecretary Mark Dennis Joven, the Export-Import Bank of China (Eximbank), was going through potential commercial loans for projects located in Mindanao and Luzon.
These projects would be a bridge that connects Davao to Samal, a flood control system for Mindanao, a railway going from Subic to Clark, and three bridges in Metro Manila.
Currently, the projects financed by China found in the Philippines include bridges crossing the Pasig River headed by the Department of Public Works and Highways (DWPH). Furthermore, China has also funded the following projects:
- The Department of the Interior and Local Government’s (DILG) Safe Philippines phase one
- Metropolitan Waterworks and Sewerage System’s (MWSS) New Centennial Water Source-Kaliwa Dam
- National Irrigation Administration’s (NIA) Chico River Pump Irrigation project.
In terms of the pacing of the projects’ completion, Joven emphasized that with loans from China, projects get implemented faster. Based on an article from Inquirer, he said:
With Chinese loans, we start with procurement, before loan contracting, and before loan disbursement. It’s the other way around with Japanese loans—we start with financing before procurement and implementation
However, Joven stressed that all loans approved by China should become bankable. He said that the Philippines could not afford “white elephant projects”. Additionally, he stressed that the government does not want to spend on such initiatives.
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