The government will require P348 billion in loans to support the construction of 15 infrastructure projects, including two major railways, according to the National Economic and Development Authority.
Neda listed 15 infrastructure projects around the country with a total amount of P348.21 billion for loan component. The bulk of the loans will be needed to construct the North-South Railway Project and the Mindanao Railway Project.
Data obtained from Neda showed that three were already prioritized for loan financing, including the Chico River Pump Irrigation Project in Region 2 worth P2.696 billion; New Centennial Water Source-Kaliwa Dam Project in Tanay, Rizal; and North-South Railway Project with an estimated cost of P151 billion.
Others in the list are the Rehabilitation/Improvement of Zamboanga Fish Port Complex in Zamboanga City worth P1.387 billion; Mindanao Railway Project in Region 10 worth P128.079 billion; and nationwide fish port projects, worth P3.82 billion.
The government will also require financing for Ilocos Norte Irrigation Project stage 2 in Region 1 and Cordillera Administrative Region, worth P14.994 billion; Regional Fish Port Project for Greater Capital Region in NCR, Region 3, and 4-A with a cost still to be determined; Gregorio del Pilar Impounding Project in Ilocos Sur worth P3.45 billion; and Tumauini River Multipurpose Project in Cagayan worth P4 billion.
Also in the list are Panay River Basin Integrated Development Project in Iloilo and Capiz, worth P14.76 billion; Asbang Small Reservoir Irrigation Project in Davao del Sur, P1.2 billion; Bohol Northeast Basin Multipurpose Dam Project in Bohol, P4.134 billion; Subic-Clark Railway Project in Subic and Clark with a still to be determined cost; and the Bonifacio Global City- Ninoy Aquino International Airport segment of Metro Manila Bus Rapid Transit- EDSA project with cost to be determined.
Finance Secretary Carlos Dominguez III said the department was planning to submit two big-ticket infrastructure projects to China within the month for possible funding. These are the Chico River Pump Irrigation Project in the provinces of Cagayan and Kalinga and the New Centennial Water Source-Kaliwa Dam Project in Quezon.
Consultations with China’s Ministry of Commerce began in January, when Dominguez led a mission to Beijing to meet with Commerce Minister Zhong Shan’s predecessor, Minister Gao Hucheng, to discuss details of the Philippine projects submitted to Beijing for financing.
A high-level Chinese delegation led by Zhong visited Manila last week and met with Cabinet officials to discuss the details of the big-ticket infrastructure projects submitted by the Philippines to China for possible funding.
Zhong suggested that both sides identify priority projects that could be completed within a two- to three-year period, to show “tangible progress” and results before the end of the Duterte administration.
Dominguez agreed with Zhong’s suggestion and said “we anticipate submitting more infrastructure projects that will be feasible and implementable within the Duterte administration.”
Dominguez also said that the Philippines was eyeing nine big-ticket projects that China could possibly support by way of funding and helping conduct their feasibility studies.
“As soon as we have received the endorsement of Neda on these nine projects, we will submit these through the Chinese Embassy in Manila,” Dominguez said.