MANILA: Japan, South Korea and India have offered to finance three Philippine railway projects worth nearly US$5 billion, the country's transport chief said on Monday (Nov 6), after Manila dropped China as a funding source last year.
Transportation Secretary Jaime Bautista said the Philippine government could tap the three countries for possible official development assistance . He said the government may also fund a portion of the rail projects or seek private sector investments.The rail projects are the Subic-Clark Railway Project, the Philippine National Railways South Long-Haul Project and the Davao-Digos segment of the Mindanao Railway Project, collectively worth US$4.95 billion.
But Bautista said the government had to look for other financing options since there was no progress on the loan negotiations with China on the rail projects, which began in 2018 during the term of former President Rodrigo Duterte.
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