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Manila Bulletin devider Philippines devider National devider Grace Poe: Gov't should explore other financing options for Mindanao railway project

Grace Poe: Gov't should explore other financing options for Mindanao railway project

Published Oct 26, 2023 06:53 am

Senator Grace Poe on Thursday, October 26 welcomed the government’s move to abandon its loan negotiations with China for the P83-billion Mindanao railway project.

This, after Department of Transportation (DOTr) Secretary Jaime Bautista recently announced that the government will no longer pursue the Chinese official development assistance (ODA) financing for the Phase 1 of the Tagum-Davao-Digos segment of the railway project, as indicated in the letter submitted by the Department of Finance (DOF) to the Chinese Embassy.

“The withdrawal of the official development assistance (ODA) from China for a railway project should not derail the implementation of our infrastructure programs,” said Poe, Senate Committee on Public Services chief.

“In the past years, Chinese banks have also kept us in suspended animation with delays in our loan applications putting in limbo a number of government projects,” she pointed out.

“While appearing attractive, the loans are not exactly that benevolent as they come with hefty interest rates and other strings that could be detrimental to the country in the long term,” she added.

For the most part, Poe said it is high-time the government explores new financing options for the Mindanao railway project.

“It’s time to explore ODAs from other countries and seek available funding options from multilateral institutions and international assistance agencies that can deliver the goods,” Poe said.

“A strategic move would also be to tap the private sector which holds the potential of accelerating infrastructure development and bringing innovative and efficient services,” she stressed.

When asked if the move to drop the loan negotiations which China was linked to the country’s territorial dispute with Beijing on the West Philippine Sea, Bautista denied this, saying they are instead looking at government funds, ODA loans and public-private partnership (PPP) scheme to finally get the project moving.

The railway project aims to shorten the travel time from Tagum in Davao del Norte to Digos in Davao del Sur by an hour from 3.5 hours currently.

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Official Development Assistance (ODA) Grace Poe Mindanao Railway Project DOTR
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