NEDA says 3 China-funded projects valued at $3.44B

CHINA has agreed to cooperate with the Philippines on three projects worth $3.44 billion and not the initially reported 30 projects worth $3.7 billions agreed on during the meeting between the two countries held in Beijing on Monday.

“The report of the media that there was an agreement between the Philippines and the Chinese government to spend $3.7 billion for 30 projects was completely off,” said Socioeconomic Planning Secretary Ernesto M. Pernia during a Philippine Statistics Authority (PSA) press briefing yesterday.

“The more correct statement is $3.44 billion for three projects. That’s $3.44 for three projects, not $3.7 billion for 30 projects. That’s the correction,” said Mr. Pernia.

“Initial set discussed includes Chico River Irrigation, North South Railway – Southline component and the Kaliwa Dam. That’s about $3.44 billion,” said Deputy Director-General Rolando G. Tungpalan in a text message.

Broken down, the Chico River Pump Irrigation Project in the provinces of Cagayan and Kalinga has an estimated cost of $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 running from Manila to Legaspi City in Bicol, $3.01 billion.

The Philippines sent a delegation to China to discuss possible infrastructure projects that it might finance although the details would still have to be worked out during a meeting in Manila next month.

The Philippine delegation included Budget Secretary Benjamin E. Diokno, Socioeconomic Planning Secretary Ernesto M. Pernia, Transportation Secretary Arthur P. Tugade and Public Works Secretary Mark A. Villar.

Around $15 billion worth of investment pledges from China were discussed during Mr. Duterte’s visit to Beijing in October, according to the Department of Finance. —