Philippines turns its back on Chinese loans for 3 railway projects

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The three railways have already been approved by the National Economic and Development Authority as part of 197 infrastructure flagship projects. Bautista said that the feasibility and engineering studies for these projects have been completed.But actual construction has yet to start as China has been reluctant to agree to loan terms with the Philippine government.

“Negotiations are ongoing, and I don’t think was a factor. It is more on how interested the Chinese government is in the project,” Regino told reporters on October 17.Plans for these railways, along with other ambitious infrastructure projects, were dreamed up during the previous administration of Rodrigo Duterte, who took a friendly stance towards China. However, years later, many of the projects have fallen off-track or completely failed to materialize.

Source: Loan Digest (loandigest.net)

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