Roxas was Philippine President Aquino refers to any is to go to China's special envoy, he said, on the Huangyan Island dispute when China demands the Philippines return of a railway project financing loans. The requirements of China, the Philippines will be repaid within two years of the loan amount for the railway project.
"This should have been a long-term loan contract, but the Chinese side demands the immediate return we have enough resources, we will also on loan. According to the message of the Ministry of Finance, the two sides are discussing the terms and duration of the return, we will be repaid within two years. "Rojas said. For the Chinese side demands that the timing of repayment, Rojas said, "It may be a coincidence."
Roxas, passing the State Procurement Law, China is still possible to participate in the second North Rail project bidding or to continue to undertake the project. Rojas said the visit to China last year, Philippine President Aquino to discuss with China North Rail project and to reach a consensus.
According to reports, this high-speed rail project ready to connect Manila and the northern provinces of the Philippines, it is known as the Northern Railway. Former President Gloria Macapagal Arroyo came to power, the railway project had been prepared to implement the project financed by the Export-Import Bank of China to provide loans, totaling five hundred million U.S. dollars. The incumbent President Aquino came to power after the Philippines in 2010, said railway tender process problems require the re-evaluation of this project. In the first half of 2012, after the outbreak of the Philippine Huangyan Island dispute, Roxas said the Chinese side demands that the Philippines has the immediate return of a loan of 500 million dollars.
Loans in China, the Philippines still will continue to build the railway. However, they need to find a new investor. Roxas said the Philippines will find a "friendly government" or some multilateral lending institutions (such as the World Bank) to provide loans. However, based on past experience, the conditions of multilateral lending institutions will be more demanding.
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