The government is also considering funding the three projects or partnering with private companies. Read more at straitstimes.com.
MANILA – The Philippines will no longer pursue Chinese loans to fund three railway projects valued at more than US$5 billion and has started discussions with other Asian countries for alternative financing deals.
The government of his successor Ferdinand Marcos Jr reviewed the deals due to lack of progress from the Chinese side. The project involves a 100km transport system that would traverse Mr Duterte’s southern home region of Davao, which the government had valued at 81.7 billion pesos .Mr Bautista said the finance department will send a formal notification to “terminate” the funding for the Subic-Clark freight railway, which links two former US military bases turned commercial zones, and a proposed long-haul commuter railway in the southern part of the main Luzon Island.
Turning to other financing options may delay the projects that are critical to the South-east Asian nation’s infrastructure push to spur its economy.There are “at least two Asian countries” that are interested in the Subic-Clark and long-haul railway projects, Mr Bautista said, declining to name them because discussions are still preliminary.
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.
US, China need 'comprehensive' dialogue to stabilise ties: China's top diplomat Wang YiMr Wang said he hoped his discussion with Mr Blinken will be 'constructive and forward-looking'. Read more at straitstimes.com.
Read more »
Myanmar military junta formally accused of alleged war crimes before Philippines' justice departmentAt the Philippines' Department of Justice on Wednesday (Oct 25), five Myanmar nationals filed a criminal complaint for war crimes they alleged were committed by members of the junta.
Read more »
Singapore singer Shye takes on China and USHome-grown pop singer Shye is the eighth guest in this music channel. Read more at straitstimes.com.
Read more »
China's big policy moves draw cautious investors back to beat-down stock marketSHANGHAI/SINGAPORE : Investors are making a tentative return to China's beaten-down stock markets as the government opened the stimulus taps, including pressing a national fund for support, but they remain mindful the economy and sentiment are still fragile.
Read more »
NBA 'first class' in China despite past turbulence, says YaoNEW YORK: The National Basketball Association (NBA) and China may have encountered turbulence in their relations over the years but retired great Yao Ming told Reuters the league is still "first class" in his home country.
Read more »
All eyes at Xiangshan for signs of China’s next defence minister, thaw in US-China defence tiesGeneral Liu Zhenli, 59, is the front runner to be the next defence minister, according to an insider. Read more at straitstimes.com.
Read more »