PHL gov’t presents USD4.4B worth of infra projects to China for financing, feasibility studies

MANILA(PNA) --High-level Philippine economic mission to China early this week presented three large infrastructure projects worth around USD3.4 billion for financing.

In a statement Friday, Finance Secretary Carlos Dominguez III identified these projects, which were presented to China Commerce Minister Gao Hucheng, as the Chico River Pump Irrigation Project in the provinces of Cagayan and Kalinga, estimated to cost USD53.6 million; the New Centennial Water Source-Kaliwa Dam Project in Quezon, USD374.03 million; and the South Line of the North-South Railway Project (NSRP) running from Manila to Legazpi City in Bicol, USD3.01 billion.

He said these projects, which have been approved by the National Economic and Development Authority (NEDA) and the Investment Coordination Committee, have been submitted for financing under the USD3.4-billion assistance offered by the Export-Import Bank of China (China EXIM) to the Philippines, USD2 billion of which are new commitments.

"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," he told the Chinese media during the economic mission last January 23-24.

Dominguez said nine other projects worth about USD1 billion and targeted to connect all three major island groups of the country, boost tourism, construct a flood control system in Mindanao and ensure its stable power supply were also presented to Gao for feasibility studies.

These projects 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.

All these projects are part of the 40 large and small infrastructure projects presented by the Philippines delegation to China officials during the two-day mission.(PNA)

Source: Philippines News Agency