PH urged to drop China funding for infra

Public policy think thank Infrawatch PH urged the National Economic Development Authority (NEDA) to cancel Chinese funding for big-ticket infrastructure projects given the ongoing territorial disputes.

Infrawatch PH convener Terry Ridon, in a statement on Wednesday, said the government would need to reevaluate all its China-assisted projects before moving forward. He stressed the need for the country to diversify its funding sources for infrastructure projects.

“Our infrastructure ambitions must not be held hostage to the whims of a single foreign power. Many international funding options are available that respect our sovereignty and offer more favorable terms,” he explained.

The China Eximbank, to recall, was asking for 3-percent interest on loans, much higher than Japan’s 0.1-percent charge.

Chinese-funded projects include the Davao City Expressway Project, Samal Island Davao City Connector Project, Ambal-Simuay River and Rio Grande de Mindanao River Flood Control Projects and the Metro Manila Flood Management Project Phase 1.

“Canceling these projects is a definitive way to assert our national interests and sovereignty. It sends a strong signal to Beijing that we are serious about defending our sovereignty,” he said.

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“These financial entanglements could potentially influence our political decisions, compromising our national interests in favor of external agenda,” he added.

The Department of Transportation is withdrawing negotiations with China for the P142-billion South Long Haul project in Bicol, P50-billion Subic-Clark Railway and the P36-billion first phase of Mindanao Railway. INQ