PH, China to sign over $8B project financing deals

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The Philippine government is firming up the list of projects to be financed by China ahead of signing an economic cooperation agreement between this week, according to documents from the National Economic and Development Authority (NEDA).

Forty projects will form part of a six-year development program under the Philippine-Chinese Economic Cooperation to be signed by President Rodrigo Duterte and China Vice Premier Wang Yang, who will be in Manila on March 16 to 17.

Of the 40 projects, 15 projects are up for loan financing and 25 for feasibility study support.

Thirteen out of 15 projects have a total indicative cost of $6.95 billion or P102 billion. These are the Chico River Pump Irrigation Project, New Centennial Water Source, North-South Railway Project, Rehabilitation and Improvement of the Zamboanga Fish Port Complex, Mindanao Railway Project, Nationwide Fish Ports Project, Ilocos Norte Irrigation Project, Regional Fish Port Project for Greater Capital Region, Gregorio del Pilar Impounding Project, Tamauini River Multipurpose Project, Panay River Basin Integrated Development Project, Asbang Small Reservoir Irrigation Project and Bohol Northeast Basin Multipurpose Dam Project.

The estimated costs for Subic-Clark Railway Project and BGC-Ninoy Aquino International Airport segment of the Metro Manila Bus Rapid Transit-EDSA are yet to be determined by the government.

Of the 25 feasibility study projects, seven have a total indicative cost of $1.12 billion or P56.27 billion. These are the North Luzon Expressway East, Panay-Guimaras-Negros Island Bridges, Agus 6 Unit 4 Major Rehabilitation, Pulangi 4 Selective Dredging Phase 3, Balo-i Plains Flood Control, Pasacao-BalatanTourism Coastal Development Program and Camarines Sur Expressway.

Still to be determined are the costs for the project feasibility studies of Subic-Clark Railway, Davao City Expressway, BGC-Ninoy Aquino International Airport segment of the Metro Manila Bus Rapid Transit-EDSA, Ambal-Simuay Sub-Basin-Mindanao River Basin Flood Control and River Protection, Bohol-Leyte Link Bridge, Camarines Sur Catanduanes Friendship Bridge, Dinagat (Leyte)-Surigao Link Bridge, Luzon-Samar Link Bridge, Mindoro-Batangas Super Bridge, Negros-Cebu Link Bridge, Pasig River-Marikina River-Manggahan Floodway Bridges Construction, Aqueduct No. 7, Ipo Dam No. 3, Agus 3 Hydroelectric Plant, Rehabilitation and uprating of all Agus-Pulani hydroelectric plant units, Sustainable Bicol River Development Program and Formulation of a Master Plan on Tunnel Projects in the Philippines.

These 40 small- and large-scale projects were initially submitted by a high-level Philippine delegation during a meeting with officials of China’s Commerce Ministry in Beijing in January.

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