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DOF: EDSA BRT up for financing from KEXIM


By Chino S. Leyco

The government plans to submit for possible financing the second phase of the bus rapid transit (BRT) system in Metro Manila to th Export-Import Bank of Korea (KEXIM), the Department of Finance (DOF) said.

Finance Assistant Secretary Maria Edita Z. Tan said the government has identified the EDSA buses rapid transit as one of the two projects the Philippines may negotiate with KEXIM for possible financing.

Tan disclosed the EDSA BRT will be co-financed by other multilateral financial institution, while second project for KEXIM is the R9.2-billion international container port project in Cebu.

“We are going to have a discussion with them. Right now we have identified two projects that are actually part of the flagship program of the government. One of them is actually the new Cebu international container port, and the other one is Metro Manila bus rapid transit,” Tan said.

In deciding what projects should be submitted to the KEXIM, Tan said they must be aligned with the priorities of the Duterte administration.

“We do have a rolling pipeline, we are scheduled to have a meeting with them to strengthen the pipeline to make sure that it is actually aligned with the priorities of the government,” said Tan, who is in-charge of the DOF’s International Finance Group.

Tan said they will submit the EDSA BRT project to the Investment Coordination Committee (ICC) of the National Economic and Development Authority (NEDA) once the feasibly study is completed.

The World Bank approved last March a $64.6-million loan to build the first BRT system in Metro Manila that will run between Manila and Quezon City.

In July,  Tan had said the government was planning to submit seven new infrastructure projects for possible financing from KEXIM as part of the Korean Eximbank’s five-year $1 billion in concessional loans for the Philippines.

Meanwhile, the Philippines is set to sign a loan agreement with Agence Française de Développement (AFD) of France to partly fund the development of efficient and transparent local governments in the country.

The DOF said in a statement yesterday that the government will ink a 100 million euro ($115 million) loan to support the Local Government Finance and Fiscal Decentralization Reform Program, Sub-program 2 (LGFFDR2).

The LGFFDR2 is a program loan that is part of the national government’s external financing plan to partially support the general budgetary requirements of the state.

LGFFDR2 is being co-financed by AFD along with the Asian Development Bank (ADB), with the latter providing $250 million.

Under the program, the project aims to improve efficiency of public expenditure, boost municipal revenues streams, assist local economic development and job creation. It also intends to enhance accountability of local government administration.

In a report to Finance Secretary Carlos G. Dominguez III submitted by the DOF-International Finance Group, the 100 million euro program loan from AFD aims to aid the government’s programs for inclusive growth and poverty reduction.

The program loan also aims to create a conducive fiscal framework for inclusive growth, develop an adequate and equitable resource framework for fiscal sustainability, strengthen public financial management, and foster good local governance, transparency and accountability.

The IFG said the target disbursement for the AFD-loan, if it is signed on schedule, is either in the fourth quarter of this year or the first quarter of 2018.

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    senator trillanes only won because of pure luck. he does not have the right attitude and credibility to win an election. he is only making noise every time without any real sense in how to help the country grow and the people to be comfortable. he is only after his political ambition at all times.,..

    • maka pili

      a senator should be thinking of making laws for the good of the country. this senator is only focused on destroying the credibility of our president. this only shows that he is only full of politics and not for the good of the country. he does not have any other agenda to help the country and the people

    • sam nicolas

      this former rebel soldier cannot be trusted. he turned his back on his superiors when he conducted his siege last time. he cannot lead a group of soldiers what more of the entire country. he does not know anything on how to handle and solve the problems of our country. he is just making noise..,/.

    • michael timbreza

      the country will not benefit from this senator. he is only making noise as he knows from the last election that he will not win anymore and get elected. he has been making baseless allegations on the president and is making noise so that the people will notice him. he doesnt deserve our attention. /.//

    • trisha hipolito

      this senator does not respect our country as he is always showing his opposition to anything. he has turned against his former commander in chief and he is now doing the same to our president. he is only after his personal ambition and he just wants to make noise if he cant get what he wants..//

  • Parasa Bayan

    senator trillanes is always grandstanding and will do everything to make him in the news. he is only making noise so the people will always remember him. he has not proven anything and yet he has the guts to speak out against the administration. he has not proven his capability to serve and his capability to be a leader

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      this so called senator does not know how to be a senator. all he does is make noise and press release. he does not know the true work of senator and instead only want political considerations given to him. he speaks out against the government but he himself does not know how to run anything./../

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