January 27, 2017
Three large-scale infrastructure projects have been presented by Manila to Beijing for possible loan financing, while nine were submitted for feasibility study support during the concluded economic mission to China of a high-level delegation led by Finance Secretary Carlos Dominguez III.
According to Dominguez, the three projects that will undergo China’s loan application process have been approved by the board of the National Economic and Development Authority (NEDA) and the Investment Coordination Committee.
Dominguez and the rest of the Philippine team presented to China Commerce Minister Gao Hucheng these three projects with a combined total of $3.4 billion, during their two-day visit that ended on Tuesday.
These are the Chico River Pump Irrigation Project in the provinces of Cagayan and Kalinga with estimated total project cost $53.6 million; the New Centennial Water Source-Kaliwa Dam Project in Quezon, $374.03 million; and the South Line of the North-South Railway Project (NSRP) running from Manila to Legazpi City in Bicol, $3.01 billion.
Dominguez said the Philippine government will apply the three priority projects for loan financing under the $3.4-billion assistance made available by the Export-Import Bank of China (China EXIM) to the Philippines, of which $2 billion are new commitments.
These projects aim to raise the productivity of small farmers, improve transportation and logistics services in underserved areas of Luzon, and ensure a steady water supply to Metro Manila, he said.
“We are looking at implementing large infra projects in the rural areas particularly in irrigation, logistics in bridges and roads to connect communities to the major markets,” Dominguez said in an interview with the Chinese media during the Jan. 23-24 mission.
Nine projects that aim to interconnect the country’s three main island-groups, boost tourism, and construct a flood control system in Mindanao and ensure its stable power supply, were presented by the Philippine team to Gao for feasibility study support.
These are the North Luzon Expressway East Project, Panay Guimaras-Negros Island Bridges, Davao City Expressway, Ambal-Simuay Sub-Basin of the Mindanao River Basin Flood Control and River Protection Project, Dinagat (Leyte)-Surigao Link Bridge, Luzon-Samar Link Bridge, Agus 3 Hydroelectric Plant, Pasacao-Balatan Tourism Coastal Development Program, and the Camarines Sur Expressway, with a total indicative cost of $1 billion.
Dominguez said the Philippine government has submitted the relevant documents and materials to Chinese officials to speed up the assessment process for these nine projects.
The 12 projects are part of the 40 “large and small” infra projects presented by the Philippines to China during the two-day mission. DMS
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