PNR weighs other funding options for P142-B South Long Haul project
MANILA -Philippine National Railways (PNR) is looking into other funding options for P142-billion South Long Haul project — which links Banlic, Calamba to Daraga, Albay — as negotiations with China Eximbank remain pending.
Jeremy Region, PNR general manager, told reporters in Makati City on Tuesday that the Departments of Transportation (DOTr) and Finance (DOF) were working on securing financing for the 380-kilometer regional train system.
“The way forward in the South Long Haul if in case our funding negotiations with China doesn’t push through, the Department of Transportation, together with the Department of Finance, is trying to study and evaluate and weigh other options for other official development assistance (ODA),” he said.
ODA is a government aid that supports economic programs in developing countries.
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But the government could also employ a “hybrid approach” for the financing, Regino explained. This means the project can be jointly funded by the government, ODA and even from the private sector.
To recall, the funding request for the railway project was lodged for the second time after the previous administration scrapped it due to the state-owned bank’s inaction.
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Transportation Undersecretary Cesar Chavez previously said the government could withdraw the loan facility request if no “definitive reply” from China Eximbank would be obtained.
Chavez earlier said the government could also consider public-private partnership route, which has been the main thrust of the current administration in pushing its major infrastructure projects.
