NextGen Day

For a number of infrastructure projects that China had previously considered for financing, the government will examine financial sources and offers.

“We’ll check back in. After the post-State of the Nation Address (SONA) Philippine economic briefing on Tuesday in Pasay City, Finance Secretary Benjamin Diokno informed journalists that “at saka (and we will) we would resubmit it to NEDA (National Economic and Development Authority) just in case.”

The official development assistance loan agreements for three significant infrastructure projects have been deemed “withdrawn,” according to Transportation Undersecretary Cesar Chavez, after the Chinese government failed to respond to the previous administration’s funding request.

A design-build agreement for the South Long-Haul Project of Philippine National Railways (PNR), management consulting for the Mindanao Railway Project, and engineering, procurement, construction, and commissioning for the Subic-Clark Railway project are the financial agreements (MRP).

The China Eximbank was previously warned by the Department of Finance (DOF) that the loan applications would only be valid until May 31, 2022, or one month before the formal term of the Duterte government ends.

Diokno claimed that in addition to the World Bank (WB), the Asian Infrastructure Investment Bank, and the Japanese government, the government has other funding alternatives for the aforementioned infrastructure projects (AIIB).

These projects are nice. We’ll only hunt for funds,” he added. “NEDA has reviewed these and determined that they are worthwhile projects from a social perspective.

Diokno added that in order to increase the potential for recovery and expansion of the home economy, the administration will push for the realization of further railway projects.

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