China To Give $3B For Philippines’ Infrastructures
President Duterte is in China now for his 4-day state visit that aims to enhance the relationship of our country to them.
China Railway Group Ltd. is a state-owned infrastructure firm that is keen to invest as much as $3 billion in Philippine infrastructure projects in the next few years.
The prospective investment commitment from China Railway—also known as China Railway Engineering Corp. (CREC)—is among the plum investment deals lined up to be finalized here during the four-day state visit of President Duterte.
They said the CREC will commit a minimum portfolio of $400 million for Philippine projects to as much as $3 billion.
In China, CREC did some key projects such as the Beijing-Shanghai high-speed railway, Shanghai-Nanjing intercity railway, Shenzhen Metro Line 5 and Shiziyang Tunnel on GuangZhou-Shenzhen-Hong Kong express rail link.
In 2015, CREC generated $100 billion in revenues or nearly a third of the Philippine gross domestic product.
“Only a company this size and scale can mobilize resources necessary to take on megainfrastructure projects,”
One project that the Philippines is aiming for is the Mindanao Railway.
The Mindanao railway project is envisioned to link the cities of Cagayan de Oro, Iligan, Zamboanga, Butuan, Surigao, Davao and General Santos—spanning a total of 2,000 kilometers. [source]