MANILA — Japan, South Korea and India have offered to finance three Philippine railway projects worth nearly US$5 billion (S$6.75 billion), the country's transport chief said on Monday (Nov 6), after Manila dropped China as a funding source last year.
Filipino soldiers stand at attention near a Philippine flag at Thitu island in disputed South China Sea on April 21, 2017.
President Ferdinand Marcos Jr had ordered officials last year to renegotiate loan agreements with China, which were considered "withdrawn" after the Chinese government failed to act on the funding request. Duterte pursued warmer ties with Beijing and set aside territorial disputes in exchange for billions of dollars in aid when he was president. Marcos replaced him in June last year.
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