President Marcos requested the Philippine Ministry of Transport to re -negotiate loan agreements to build railways that the predecessor signed with China.
Philippine Deputy Minister of Transport Cesar Chavez today announced the official development support (ODA) support agreements from China for three railway projects worth about 276 billion Peso (more than 4.9 billion USD).
President Ferdinand Marcos Jr, inauguration at the end of last month, asked the Philippine Ministry of Transport to re -evaluate infrastructure development loans under its predecessor.
The Philippine Ministry of Transport said the Chinese government did not meet the requirements of pouring capital from the Rodrigo Duterte government.
Philippine President Ferdinand Marcos Jr.
The projects are in the agreement including the Subic - Clark railway, the southern national railway and the Davao - Digos section of the Mindanao project.
Answering Reuters, an unnamed Chinese official affirmed that the Philippine - Chinese railway cooperation would continue.
In a speech a day ago with the Philippine media, former Finance Minister Carlos Dominguez III revealed that Chinese partners wanted to impose 3% interest for loans.
President Marcos aims to cut the budget deficit to 3% of GDP before 2028. The Philippine budget deficit last year was 8.6% of GDP.
The new President of the Philippines is advocating foreign relations more balanced than his predecessor Duterte, which is considered to be ready to put aside many disagreements with China to keep the air and attract investment.
Marcos is committed to protecting national sovereignty, including the East Sea problem, but still argues relations with China in many aspects that need to be promoted more development.
The First Filipino Lady Araneta-Marcos confirmed that she was not interested in joining her husband's government, but she was always Mr. Marcos Jr.
When his father's government was overthrown, Ferdinand Marcos Jr.