Finance Secretary Carlos G. Dominguez III INQUIRER FILE PHOTO
China’s top trade officials as well as a business delegation will be in Manila on Feb. 23-24, to firm up financing commitments for big-ticket infrastructure projects in the country, the Department of Finance (DOF) said on Sunday.
In a statement, Finance Secretary Carlos G. Dominguez III said he told China’s commerce minister Gao Hucheng during the economic managers’ two-day mission to Beijing last month that the Philippines would submit the formal letters for request for the projects being eyed for Chinese government financing when the latter visits Manila later this month.
The Philippine government had pitched a total of 40 infrastructure projects for either funding or technical support by the Chinese government, including the planned railway that will connect Manila to the Bicol region.
Trade Secretary Ramon M. Lopez and Gao will lead the revival of the Joint Commission on Economic and Trade Cooperation (JCETC) of the Philippines and China. The JCETC was last convened in 2011.
Preparations for the JCETC meeting kicked off last November when the Department of Trade and Industry (DTI) hosted a 14-member delegation from China.
The DTI earlier said the JCETC would serve as a quick follow-through from the economic agreements signed in Beijing by President Duterte during his visit last October.
The JCETC meeting will tackle specific economic cooperation in trade and investment promotion, manufacturing, infrastructure, tourism, energy, development of micro, small and medium enterprises (MSMEs), agriculture, as well as the crafting of a development program for economic cooperation, the DTI had said.
According to Dominguez, 15 projects ranging from small to large were proposed for loan financing. The 25 other projects were being sought assistance in the conduct of feasibility studies.
Among the specific projects pitched to be funded by the Chinese government were the $3.01-billion south line of the North-South Railway; the $374.03-million New Centennial Water Source-Kaliwa Dam Project in Quezon province; as well as the $53.6-million Chico River Pump Irrigation Project in the provinces of Cagayan and Kalinga.
The 653-kilometer south line of the North-South Railway Project, which will consist of commuter railway operations between Tutuban in Manila and Calamba, Laguna, as well as long haul railway operations between Tutuban and Legazpi City in Albay province, is poised to be the biggest public-private partnership (PPP) project to date. The project is currently being reviewed by the Department of Transportation, according to the PPP Center website.
Dominguez had said the Philippines would seek loan financing for these three priority projects under the Export-Import Bank of China’s $3.4-billion assistance to the Philippines.
Dominguez said a Chinese business delegation would accompany Gao during the two-day visit.
“Ranking Chinese officials have agreed with the delegation on the urgency of implementing projects that Manila has proposed to China for possible financing under the Duterte presidency,” he said.
Also included in the list for consideration by the Chinese government were smaller yet easier to implement projects, such as bridges to be built across Pasig River aimed at easing traffic congestion in Metro Manila, according to the DOF.