The government expects to finalize a loan agreement with China to finance three flagship railway projects initiated by the Duterte administration amounting to P276 billion by the first quarter of 2023, Transportation---- READ:
administration amounting to P276 billion by the first quarter of 2023, Transportation Secretary Jaime Bautista said Monday.
“We are expecting that we should be able to finalize the loan by early next year, then we can start working [on] the projects,” Bautista said. The agency through former Transportation Secretary Arthur Tugade signed the design-build contract with the joint venture of China Railway Group Ltd., China Railway No. 3 Engineering Group Co. Ltd. and China Railway Engineering Consulting Group Co. Ltd. The agreement covers the design, construction and electromechanical works of the project.
The P51-billion Subic-Clark Railway Project is expected to provide high-capacity freight service to support the industrial areas along the Subic-Clark corridor by serving as the link to the airport at Clark Freeport Zone and the seaport at the Subic Bay Freeport Zone.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China moves to stamp out Covid outbreaks before Communist Party CongressChina recorded more than 2,000 Covid cases on Monday, its highest level for a month, as officials imposed new lockdowns and restrictions to stop outbreaks from spreading to the capital ahead of the Communist Party Congress.
Read more »
China stocks fall as grim reality grips traders after holidays - BusinessMirrorChinese stocks fell on their return from the Golden Week holiday, hurt by a bleak holiday-spending data that deepened concerns about an economic recovery amid rising Covid cases. The benchmark CSI 300 Index dropped as much as 2 percent to head for its lowest close since April 2020. Tech and consumer staple drove the
Read more »
China urges 'patience' as COVID cases rebound ahead of key congressChina called for "patience" with its tough COVID policies and warned against any "war-weariness" as local cases soared to their highest since August, days ahead of a pivotal Communist Party congress.
Read more »
China lashes out at latest US export controls on chips - BusinessMirrorBEIJING—China on Saturday criticized the latest US decision to tighten export controls that would make it harder for China to obtain and manufacture advanced computing chips, calling it a violation of international economic and trade rules that will “isolate and backfire” on the US. “Out of the need to maintain its sci-tech hegemony, the US
Read more »
‘Don’t worry about China’: Mindanao solon asks Congress to enact maritime zones billCongess must pass a bill delineating the country’s maritime boundaries as well as its 200-mile exclusive economic zone (EEZ), House Deputy Speaker Rufus Rodriguez said on Tuesday, Oct. 11. READ:
Read more »