RP seeks approval anew to fund projects using Chinese ODA loans
01/06/2009 | 07:08 PM
MANILA, Philippines - Manila will again seek Beijing’s approval to bankroll development projects using low-interest loans from China, the Department of Trade and Industry (DTI) said.
These projects, to be funded by official development assistance (ODA) loans from China, have already been prepared but were later shelved in the aftermath of the National Broadband Network (NBN) controversy, Trade Secretary Peter B. Favila said.
Of its $2 billion loan facility, some $1.2 billion has yet to be allocated for projects, Favila said.
Although $800 million has already been allotted for the North Rail Project, it has yet to be used ever since the NBN controversy broke out.
The controversy, which began in August 2007, pertains to corruption allegations involving former Commission on Elections Chairman Benjamin S. Abalos, who reportedly brokered the construction contract for the NBN to China’s Zhong Xing Telecommunication Equipment Co. Ltd. (ZTE). The controversy also implicated President Gloria Macapagal-Arroyo and her spouse, First Gentleman Jose Miguel T. Arroyo.
Favila announced he will soon be meeting with the National
Economic and Development Authority (NEDA) to get a list of projects planned “to be funded by Chinese ODA."
“As head of the oversight on Chinese ODA, I will present to the President a list of projects which we feel we can now apply for ODA financing from China. These are major projects that again will provide jobs," Favila said. - GMANews.TV
These projects, to be funded by official development assistance (ODA) loans from China, have already been prepared but were later shelved in the aftermath of the National Broadband Network (NBN) controversy, Trade Secretary Peter B. Favila said.
Of its $2 billion loan facility, some $1.2 billion has yet to be allocated for projects, Favila said.
Although $800 million has already been allotted for the North Rail Project, it has yet to be used ever since the NBN controversy broke out.
The controversy, which began in August 2007, pertains to corruption allegations involving former Commission on Elections Chairman Benjamin S. Abalos, who reportedly brokered the construction contract for the NBN to China’s Zhong Xing Telecommunication Equipment Co. Ltd. (ZTE). The controversy also implicated President Gloria Macapagal-Arroyo and her spouse, First Gentleman Jose Miguel T. Arroyo.
Favila announced he will soon be meeting with the National
Economic and Development Authority (NEDA) to get a list of projects planned “to be funded by Chinese ODA."
“As head of the oversight on Chinese ODA, I will present to the President a list of projects which we feel we can now apply for ODA financing from China. These are major projects that again will provide jobs," Favila said. - GMANews.TV
