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MANILA, Philippines — President Ferdinand “Bongbong” R. Marcos Jr. on Wednesday ordered Finance Secretary Ralph Recto and Transportation Secretary Jaime Bautista to look for creative ways to fund the stalled Mindanao railway project.
The railway project, which would connect Davao City, Digos, and Tagum, was originally planned to be funded by loans from China.
“I am ordering the secretary of Transportation and the secretary of Finance to work in tandem to explore financing sources for the 103-kilometer Tagum-Davao-Digos railway,” said Marcos in his speech during the launch of the Davao Public Transport Modernization Project.
READ: DOTr: Mindanao Railway Project to push through
“Thus far, this ambitious project has been stalled by lack of funding, so let us go and hunt for the right funding engine that will pull this project to the finish line,” said Marcos.
Marcos said there were various ways to fund a railway project, as some portions could be funded by different stakeholders.
“Civil works, for instance, can be tendered to private investors, rolling stocks can be shouldered by official development assistance, or vice versa. There are some examples of ways we can explore different modes of financing to accelerate delivery,” said Marcos.