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P128.1-B RAILWAY SYSTEM

Gov’t to build 2,000-km railway in Mindanao

By: - Reporter / @bendeveraINQ
/ 12:45 AM February 28, 2017

The government plans to implement the proposed 2,000-kilometer Mindanao railway project starting this year, which the country’s chief economist said was a project “close to the heart” of President Duterte.

Socioeconomic Planning Secretary Ernesto M. Pernia said last week that the Japan International Cooperation Agency (Jica) was conducting a feasibility study for the P128.1-billion Mindanao railway system.

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Jica’s study was expected to be finished within the first quarter, said Pernia, who also heads the National Economic and Development Authority (Neda).

“The feasibility study is about to be completed. It’s likely to get started in terms of implementation this year because that is going to be an iconic project, a major project, and of course close to the heart of the President. So we need to get that started this year,” Pernia said.

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Jica’s feasibility study will be presented to the Investment Coordination Committee, which will look into the project’s potential rate of return as well as social benefits and cost, the Neda chief said.

China, Japan and Malaysia had expressed interest to finance the project’s construction, while the government may consider cofinancing with multilateral lenders such as the Asian Development Bank, the China-led Asian Infrastructure Investment Bank and the World Bank, according to Pernia.

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TAGS: Economy, Japan International Cooperation Agency, Mindanao railway project, Philippine business news, Socioeconomic Planning Secretary Ernesto M. Pernia
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