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DOF to begin Mindanao railway fund search in Q1

Business

DOF to begin Mindanao railway fund search in Q1

By Xander Dave Ceballos

At A Glance

The national government is looking to secure funding for P83 billion Mindanao Railway project in the first quarter next year, Department of Finance Secretary Benjamin E. Diokno said.<br>This came after the country backed out from a financing deal with China to fund the railway project.

The Department of Finance (DOF) said the government is looking to secure funding for P83 billion Mindanao Railway project in the first quarter next year.

This came after the country backed out from a financing deal with China to fund the railway project.

Further, Finance Secretary Benjamin E. Diokno said that it will instead look for other sources of official development assistance (ODA), specifically Japan.

Earlier, Transportation Secretary Jaime Bautista said that it may combine government resources with foreign and private funding to support the capital needed to construct the railway.

He also added that possible funders are open to offering interest rates lower than three percent.

The first segment of the Mindanao Railway Project will cover 102 kilometers that crosses Digos City, Davao City and Tagum City, and it is expected to cut travel time to just three hours.

The Mindanao Railway was originally set to begin construction for the first segment in January 2019.

Apart from the Mindanao Railway, two formerly China-backed PNR South Long Haul and the Subic-Clark Railway projects have also been withdrawn from the deal.

These three railway projects were originally were approved by the National Economic and Development Authority during the administration of then President Rodrigo Duterte.

Related Tags

infrastructure project Mindanao Railway Project Department of Finance

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