MANILA - The Philippines has pulled out of talks with China for the funding of three ambitious railway projects, but the government on Nov 16 refuted talk that it was exiting Beijing's Belt and Road Initiative (BRI).
The Department of Foreign Affairs said the Philippines is still part of the global infrastructure scheme, and reiterated that a new memorandum of understanding on the BRI was signed during President Ferdinand Marcos Jr's state visit to China in January 2023.
Other ongoing infrastructure projects in the country are still being funded with Chinese official development assistance.
Transportation Secretary Jaime Bautista had told a business forum in Manila on Oct 25 that the government is looking for other sources of funding for the three Philippine railway projects that collectively cost around 2.8 trillion pesos (S$68 billion).
This followed years of delays in loan negotiations against the backdrop of rising tensions in the disputed South China Sea. Weeks of tense encounters between Manila and Beijing in the disputed water-way included a collision on Oct 22.
"We have three projects that won't be funded by the Chinese government any more. We can't wait forever, and it seems like China isn't that interested any more," Mr Bautista had said, fuelling speculation Manila would exit the BRI.
The projects were part of the flagship infrastructure programme of former president Rodrigo Duterte, whose pro-China stance saw him downplay Manila's maritime dispute with Beijing in favour of securing loans and grants from its richer and more powerful neighbour.
Bu hikaye The Straits Times dergisinin November 18, 2023 sayısından alınmıştır.
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Bu hikaye The Straits Times dergisinin November 18, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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