advertisement
Filtered By: Money
Money

PHL-China to sign funding for PNR South project during Xi Jinping’s November visit —DOTr


The Department of Transportation (DOTr) said Tuesday it is targeting to secure the loan financing for the Philippine National Railways (PNR) South Long-haul project during the visit of Chinese President Xi Jinping in November.

“Ang target po namin ‘yung loan agreement mapirmahan po ‘yan during the visit of president Xi ng China this November,” Transportation Secretary Arthur Tugade said during the 2018 EJAP Economic Forum.

In April, presidential spokesman Harry Roque said Xi will visit the Philippines in November after the Asia Pacific Economic Cooperation (APEC) meeting in Papua New Guinea.

According to the “Build, Build, Build” website, the PNR South Long-haul is expected to cost around P151 billion.

Its 581-kilometer, standard-gauge railway will run from Manila, to Legazpi City in Albay, and Matnog in Sorsogon and “will connect cities, international seaports, and economic zones, allowing for faster transportation of passengers and freight.”

The project involves "the complete reconstruction of the legacy PNR railway into a single-track, at-grade railway."

The PNR South is among the big-ticket railway projects approved by the National Economic and Development Authority Board in September 2017. The board is chaired by President Rodrigo Duterte. —VDS/RSJ, GMA News

LOADING CONTENT