China fund­ing pledges to PH top P7B – DoF

Manila Times - - BUSINESS TIMES -

THE Chi­nese gov­ern­ment has so far com­mit­ted a com­bined $7.34 bil­lion in soft loans and grants to the Philip­pines, the Fi­nance depart­ment said

In a state­ment on Tues­day, the depart­ment said the fund­ing com­mit­ment would be used to im­ple­ment 10 big-ticket projects, con­struct two bridges in Metro Manila and two drug re­ha­bil­i­ta­tion fa­cil­i­ties in Min­danao, and re­ha­bil­i­tate war-torn Marawi City.

Fi­nance depart­ment data showed that loans com­mit­ted by Bei­jing now to­tal $ 7.19 bil­lion for in­fra­struc­ture, en­ergy and pub­lic safety projects while grants amount to $148.22 mil­lion.

Of the $7.19 bil­lion, about $ 3.98 bil­lion—rep­re­sent­ing the es­ti­mated to­tal fund­ing re­quire­ment of a sec­ond project bas­ket un­der var­i­ous stages of prepara- tion—still needs fur­ther dis­cus­sions.

The Fi­nance depart­ment stressed that the amounts were only es­ti­mates and would be fi­nal­ized once the loans are process.

Ac­cord­ing to the depart­ment’s In­ter­na­tional Fi­nance Group (IFG), the as­sumed loan amount pledged by China ac­counted for 85 per­cent of the to­tal cost of 10 ma­jor gov­ern­ment projects.

These cover soft loans un­der the first bas­ket that in­cludes $ 234.92 mil­lion for the Kaliwa- New Cen­ten­nial Wa­ter Source in Que­zon prov­ince, $ 72.49 mil­lion for the Chico River Pump Ir­ri­ga­tion Project in North Lu­zon and the $ 2.91- bil­lion Philippine Na­tional Rail­ways South Long Haul Rail­way for a to­tal es­ti­mated loan amount of $ 3.21 bil­lion.

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