Two bridges in Visayas, Mindanao up for Chinese loan financing —DOF

At least two bridges in Mindanao and the Visayas under the Duterte administration's "Build, Build, Build" program are in the lineup to be funded by official development assistance (ODA) loan from China, the Department of Finance (DOF) said Wednesday.

In a statement, Finance Secretary Carlos Dominguez III said the Davao-Samal Bridge project in Mindanao and the Panay-Guimaras-Negros Interisland Bridge project in Western Visayas are two other projects in the pipeline for possible Chinese financing.

The Davao-Samal Bridge project has an estimated cost of P9 billion, spanning 4.4 kilometers. The Panay-Guimaras-Negros Interisland Bridge project, meanwhile, will be in two phases — 14.3-kilometer Panay-Guimaras link and 5.7-kilometer Guimaras-Negros link — and is estimated to cost around P40 billion.

"We want to assure you that the funds provided by the Chinese people through the Chinese government are going to be used to the benefit of the Filipino people," Dominguez said.

Dominguez made a courtesy visit to People's Republic of China Vice President Wang Qishan, wherein he provided updates on the infrastructure projects that are being implemented by the Duterte administration with funding support from China.

Chinese-funded projects include the Binondo-Intramuros and Estrella-Pantaleon Bridges being implemented by the Department of Public Works and Highways (DPWH) and funded with a 397 million renminbi ($63.13 million) grant from China.

China has also extended a $62.09-million loan for the  Chico River Pump Irrigation Project and a $ 211.21-million loan for the construction of the New Centennial Water Source-Kaliwa Dam.

"We have been meeting with the Ministry of Commerce of China for the past two years, and we have made a lot of progress with our actual official development assistance relations with China," Dominguez said.

Dominguez said the Philippines and China are also working toward beginning the implementation of two rail projects — the Subic-Clark Railway project in Luzon and the Mindanao Railway project.

In separate meetings, the DOF said, Finance Undersecretary Mark Dennis Joven led the Philippine delegation in discussing with officials of the Export-Import Bank of China(China-EXIM) and the China International Development Cooperation Agency (CIDCA) the status of additional "Build, Build, Build" projects proposed for Chinese financing.

In the meeting at China-EXIM's headquarters with officials led by its president Zhang Xingsong, Joven said "both sides discussed the updates of ongoing projects, as well as those in the pipeline. The Chinese side also conveyed its continuing commitment to support the infrastructure projects of the Philippines, including its openness to provide available sources of financing for other projects."

Joven and representatives from NEDA, DBM, BCDA and DPWH also met separately with CIDCA Chairman Wang Xiaotao to discuss "the general arrangements in project financing and ways on how to expedite the processing of projects for Chinese financing," according to the DOF. —KBK, GMA News