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The particular Philippines and China sealed a partnership on a $219. 7-million preferential buyer’s credit ratings facility to fund this project management consultancy from the Philippine National Railways’ southwest long haul project, your Department of Finance claimed.

 

This infrastructure project below the Duterte administration’s “Build, Assemble, Build” program will hyperlink Metro Manila to Legazpi, Albay; Legaspi that will Matnog, Sorsogon, and Calamba (in Laguna) that will Batangas City.

 

The services to become rendered by the project management consultancy cover that detailed engineering and style and design; preparation of the phrases of reference and bidding documents for just a design-and-build procurement process for that civil works, rolling investment and electromechanical system, as well as construction supervision.

 

According towards the finance department, the project management consultant would also provide tender assistance, which includes, among others, the marketplace study, administration of the minimal competitive bidding and tender award into the contractors and suppliers.

 

President Duterte and Chinese President Xi Jinping witnessed the exchange on the signed loan agreement involving Finance Secretary Carlos Dominguez III in addition to Export-Import Bank of Tiongkok vice president Xie Ping on the Diaoyutai State Guest Property in Beijing.

 

The dollar-denominated loan has an interest rate of 2 percent with a maturity period of 10 years, inclusive of any seven-year grace period.

 

Presidents Duterte and Xi also witnessed your exchange of notes between Foreign Affairs Secretary Teodoro Locsin Jr .. and Chinese State Councilor along with Foreign Minister Wang Yi confirming this cooperation procedures and arrangements that may enable the Philippines that will avail itself of Far east concessional loans under some sort of renminbi-denominated loan facility.

 

This loan facility between the DOF as well as China International Development Cooperation Agency helps support the Duterte administration’s major projects that will promote economic and social development.

 

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