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NewsTranscript
00:00 It seems that China's loan for the train line that will be built in Mindanao has been discredited.
00:07 Does this have anything to do with the tensions in the West Philippine Sea?
00:10 We are joined by Marie Zumali and Joseph Moro.
00:13 Former President Rodrigo Duterte terminated the signing of the Mindanao Railway Project Phase 1 Tagumdabao-Digo Segment.
00:23 The funding will come from China's promised loan.
00:27 But the project did not go ahead.
00:30 A reliable source in GMA Integrated News showed a letter.
00:34 According to the secretary of finance, the Chinese ambassador in September said that the Philippines is not interested in the Chinese loan for the project.
00:43 According to the source, it is not allowed for China to start the project from the pool.
00:49 Unlike what is usually done, China did not provide a shortlist of banks that can be loaned and companies that can be contracted for the project.
00:58 It seems that China is still waiting for the projects to be funded in the Philippines.
01:03 According to the source, the Chinese economic counsellor said that they cannot make a decision due to the geopolitical factor.
01:10 When the Department of Transportation confirmed that they have three projects since the last administration,
01:17 the project that China will not fund is Bicol South Long Haul, Mindanao Railway and Subiclark Railway.
01:24 Since there's not much movement on the financing, we requested the Department of Finance to help us look for other funding sources.
01:36 There are other sources of money. Me personally, I'm not saddened.
01:40 So there are no regrets?
01:42 No regrets.
01:44 Secretary Bautista cannot say why China's interest in funding projects for infrastructure of our country seems to be weak.
01:52 They promised to do so.
01:54 But he asked if it is possible that this has something to do with the increasing tensions between the Philippines and China in the West Philippine Sea.
02:00 Not really.
02:02 The problem is that even before this tension in the West Philippine Sea, when the new government took over,
02:12 the previous administration already told the Chinese government that they will not pursue the loan anymore.
02:21 At the moment, the government is looking for other sources of funding to continue the projects for infrastructure.
02:29 This includes JICA, Asian Development Bank and World Bank.
02:34 There are other countries that are already talking to our government about the possibility of supporting our projects.
02:41 In the previous visit of Secretary Bautista to the German Philippine Chamber of Commerce and Industry,
02:46 he listed the projects of the government that could be funded by German investors,
02:52 particularly in aviation, roadways, railways and maritime.
02:56 We invite you to discover the potential of these projects under the public-private partnership arrangement.
03:02 Our next step in our own journey will be to move our operations partially to Clark.
03:11 That should be phase one. Phase two, we'll also consider the new airports which are under planning now.
03:17 For GMA Integrated News, Maris Umalis.
03:20 Joseph Morong, Tutok 24 Horas.
03:23 [music]
03:26 [music]