3 Loan Deals Between China And Philippines To Be Signed This Year
Three more loan agreements between Beijing and Manila will be signed this year, funding the implementation of big-ticket infrastructure projects in the country.
Department of Finance’s (DOF) Assistant Secretary Maria Edita Tan noted that the Philippines and China are seeking to finalize deals that will finances Chico River Pump Irrigation Project (₱2.7 billion), the New Centennial Water Source-Kaliwa Dam Project (₱10.9 billion) and the North to South Railway Project (₱151.3 billion).
The tentative schedules for the signing of the agreements are second or third quarter of 2018 for the Chico River, and third or fourth quarter of this year for both the Kaliwa Dam and the South long haul. According to Tan, the process for Chinese loans take longer because the projects would have to go through bidding before the loan agreement could be concluded.
Earlier this year, the DOF identified six Chinese firms as potential bidders for the Chico River Irrigation and Kaliwa Dam projects. These firms are as follows:
Kaliwa Dam Project
- China Energy Engineering Co. Ltd,
- PowerChina Ltd,
- the Consortium of Guangdong Foreign Construction Co. Ltd,
- Guangdong Yuantian Engineering Co. Ltd
Chico River Irrigation System
- China CAMC Engineering Co. Ltd
- China Geo-Engineering Corp.
- Qingdao Municipal Construction Group Co. Ltd.