US WILLING TO INVEST IN MINDANAO RAILWAY PROJECT — ENVOY

PHILIPPINE Ambassador to the United States Jose Manuel Romualdez on Wednesday said that US has offered to support the stalled Mindanao Railway Project.

This as Transportation Secretary Jaime Bautista earlier said the country has dropped China as a source of funding for the Mindanao Railway Project due to lack of progress in negotiations.

Romualdez said the US has indicated its interest in investing “over a billion dollars” in the infrastructure program.

He said the fund is expected to come from the US International Development Financial Corporation (DFC).

“The US has also offered assistance for the Mindanao Railway Project, with financing expected to come from the US International Development Financial Corporation (DFC) that invests in infrastructure and development projects to help developing countries create jobs and foster economic growth,” said Romualdez.

“The Mindanao Railway Project was supposed to be financed by China but last November, the Philippines decided not to pursue Chinese official development assistance (ODA) financing for the construction of the railway,” he added.

According to Romualdez, a representative from the DFC will also be part of the highly-anticipated US presidential trade and investment delegation that will visit the Philippines in March 2024.

The comprehensive three-phase Mindanao Rail Project (MRP) encompasses a network spanning 1,530 kilometers, including circumferential and spur rail lines connecting various regions in Mindanao, such as the Davao provinces, Iligan City, Cagayan de Oro City, General Santos City, and Zamboanga.