Connect with us

Hi, what are you looking for?

News

DPWH seeking China grants for Visayas, Mindanao bridges

DPWH

By Arjay L. Balinbin, Senior Reporter

THE Department of Public Works and Highways (DPWH) is hoping to obtain “grant assistance” from the Chinese government for bridges in the Visayas and Mindanao.

“I have had active discussions with them,” DPWH Secretary Manuel M. Bonoan told BusinessWorld on Friday on the sidelines of the ceremonial opening of the Binondo-Intramuros Bridge linear park and pedestrian stairs project.

He said that the grants being proposed will be for bridges outside the capital region. The Chinese government has provided various grants for projects in the capital, including $75 million for the Binondo-Intramuros Bridge and the Estrella-Pantaleon Bridge during the previous administration.

“We are trying to get some more grant assistance for other bridges like in Bohol and Mindanao,” Mr. Bonoan said.

He added that one of the bridges being proposed for a Chinese grant is the one connecting Panglao Island and Tagbilaran City in Bohol to ease access to a top tourist destination.

“There is an existing bridge that we built, so we are going to request a more permanent structure that will connect Panglao island and Tagbilaran,” Mr. Bonoan said.

The project is expected to cut travel time from Tagbilaran City seaport to Panglao Island to 15 minutes from 45 minutes during peak periods.

The Philippines and China have a current agreement for the China Aid Localized Project for Davao River Bridge or Bucana Bridge, a coastal road intended to provide an alternate route to the Pan-Philippine Highway in southern Davao City, which has been experiencing heavy road congestion.

During the recent visit of President Ferdinand R. Marcos, Jr. to Beijing, the two governments signed an updated memorandum of understanding on the Belt and Road Initiative and the framework agreement on bridges crossing the Pasig-Marikina River and the Manggahan Floodway Bridges Construction Project.

Chinese President Xi Jinping and Mr. Marcos also discussed loan agreements for Philippine infrastructure development.

“Both sides will further strengthen infrastructure cooperation with big projects such as the Davao-Samal Island Bridge. Both sides will explore means to further strengthen cooperation, at the locations to be mutually agreed, with the purpose of promoting innovative economic development and maintaining stability in production and supply chains,” they said in a joint statement on Jan. 5.

According to the Finance department, the cumulative loan commitments with China for ongoing Philippine projects now stand at $1.06 billion after the recent signing of loan agreements worth $201.8 million.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Editor’s Pick

<?xml encoding=”utf-8″ ??> With the increased threat of industrial strike action looming across the UK, we consider whether a force majeure clause can strike...

Editor’s Pick

<?xml encoding=”utf-8″ ??> TSB’s 5,700 staff and executives are to share a 10% bigger bonus pot this year, after rising interest rates pushed the...

Editor’s Pick

<?xml encoding=”utf-8″ ??> NatWest is to shut another 23 branches in England and Wales, adding to a raft of high street banking closures already...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Shell has put more than 2,000 jobs in the UK at risk after launching a “strategic review” of its domestic energy...

Editor’s Pick

<?xml encoding=”utf-8″ ??> British taxpayers have become shareholders in a further 53 companies backed by a government rescue funding scheme. These firms include a...

News

REUTERS Smartphones were the most used devices among women last year based on a new survey by the Philippine Statistics Authority (PSA) and the...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.