China to finance PRRD's infra projects by Nov 2018

NEWS BY PNA: Budget and Management Secretary Benjamin Diokno expressed optimism for the signing of at least 10 infrastructure-related agreements with China in November during the visit to the Philippines of Chinese President Xi Jinping.

The Chinese government has committed to help in the financing of priority projects included in the Duterte administration’s “Build, Build, Build” program as the two countries renewed its relationship.

In his weekly press briefing, Diokno declined to give figures on the amount of these projects but said discussions are “moving fast.”

He noted that even if financing of the current administration’s infrastructure projects will be provided by foreign governments through loans, feasibility studies will be done and funded either by the Asian Development Bank (ADB) or the World Bank (WB).

These feasibility studies will then be ironed out by the implementing agencies before these are submitted to the National Economic and Development Authority (NEDA).
NEDA’s Investment Coordination Committee will then scrutinize the projects before submitting them to the President, Diokno said.

The Department of Budget and Management (DBM) Secretary also said there is nothing in the pacts with foreign governments that allow the latter to pick a particular contractor for any particular project.

In the case with China, it needs to submit names of at least three entities considered among the best to implement the projects.

The final decision will come from Philippine authorities based on their assessment on the proposals of the companies vetted by the Chinese government, Diokno said.

He also discounted the possibility that local workers will be disadvantaged by this set-up because the financiers might bring in their own workers.

SOURCE: Diokno hopeful of infra projects financing pact w/ China by Nov '18 By Joann Villanueva August 30, 2018, 7:35 am;

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