THE PHILIPPINES and China have agreed to resume negotiations on three major railway projects, the Department of Transportation (DoTr) said on Sunday. READ:
ects, the Department of TransTransportation Secretary Jaime J. Bautista and Chinese Ambassador Huang Xilian “agreed to restart negotiations for major transport projects during their recent first official meeting at the Chinese Embassy in Makati City, Aug. 11,” the DoTr said in a statement.
“China is… devoted to promoting the connectivity of the Southeast Asian countries by sharing its experience and introducing the cutting-edge technology of railway construction and rolling stock manufacturing,” Mr. Huang said. Former Finance Secretary Carlos G. Dominguez III had also said China Eximbank wanted an interest rate of 3% for the loans.
“Government therefore should reconsider whether or not to proceed with these projects until such time that interest rates and inCentral banks around the world, led by the US Federal Reserve, have been aggressively raising interest rates to tame inflation.