THE PHILIPPINES is looking at funding alternatives such as multilateral lending institutions after it shelved a plan to seek loans from China to fund two railway projects, the Transportation chief said on Thursday.
鈥淥ur other options are, we can still go to other ODAs (official development assistance). There鈥檚 JICA (Japan International Cooperation Agency), ADB (Asia Development Bank), and World Bank,鈥 Transportation Secretary Jaime J. Bautista told reporters on Thursday.
鈥淭here are other governments that are helping us. There鈥檚 a possibility of them to support the financing of these projects,鈥 he added on the sidelines of a forum facilitated by the German-Philippine Chamber of Commerce and Industry.
In a letter sent by the Finance department, Chinese Ambassador Huang Xilian said that the Philippines is withdrawing its request for ODA from China for the first phase of the Mindanao Railway project.
鈥淪ince there鈥檚 not much movement on the financing we requested the Department of Finance to help us look for other funding sources,鈥 he said.
鈥淭he Department of Finance already sent a letter to China, informing them that we will not pursue the loan anymore,鈥 Mr.聽Bautista said.
He said that for now, the Philippines will not be seeking any more Chinese funding for its two other railways projects such as Bicol鈥檚 south long-haul and Subic Clark railway projects.
Last year, the Department of Transportation said the Philippine government would resubmit its loan applications to China for major railway projects consisting of the first phase of the Mindanao railway project or the P83-billion Tagum-Davao-Digos segment, the long-haul south Philippine National Railways, and the Subic-Clark railway project. 鈥 Ashley Erika O. Jose
