TODAY’S PAPER EDITION: HEADLINE: Renegotiate China loan deals – Marcos
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PRESIDENT Ferdinand “Bongbong” Marcos Jr. is looking to renegotiate the country’s loan agreements with China for the three big-ticket railway projects that were initiated by the Duterte administration, Malacañang said on Saturday.
Marcos issued this directive to the Department of Transportation (DoTr) amid reports that the Chinese loan applications for the Bicol, Subic-Clark and Mindanao railway projects have been withdrawn.
Citing a statement from the DoTr, Press Secretary Rose Beatrix “Trixie” Cruz-Angeles said that Marcos wants more investments in the rail transport sector and directed the department to go back to the negotiating table to secure these loan agreements.
“The President was referring to the Subic-Clark Railway Project; the Philippine National Railways (PNR) South Long-Haul Project and the Davao-Digos segment of the Mindanao Railway Project (MRP),” Transportation Undersecretary for Railways Cesar Chavez said.
Chavez said the three railway projects were to be funded under China’s official development assistance (ODA) through loan agreements between the governments of the Republic of the Philippines and the People’s Republic of China.
READ MORE: https://www.manilatimes.net/2022/07/17/news/national/renegotiate-china-loan-deals-marcos/1851227
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