The data show that the North Rail project was a loan projects funded by the largest in the Philippines, the first phase of the first paragraph Northern District of Carlo Okanda from Manila to the northern Philippines Bulacan province capital of Malolos, about 32 km. In February 2004, the Philippines signed loan agreement of railway engineering, the north iron project of the Chinese government to provide export preferential buyer's credit, the project broke ground in April of the same year. In September this year, the Philippine government to the grounds of the existence of irregularities, officially announced the termination of the North Rail project.
 
Philippine media reports, 8 the Philippine Treasury Secretary Priyanka Smarr, told reporters that the North Rail project, if not repaid, or any other foreign government loans will have a negative impact to the Philippines' sovereign credit ratings, the Ministry of Finance of the Philippines is committed to repay the China Import and Export the Bank has issued $ 185 million north Rail project loan.

Puri Smarr said, the Ministry of Finance of the Philippines has to negotiate and reach an agreement with the Export-Import Bank of China on the repayment arrangements. From September 2012 to September 2014, the Philippine side to every six months to repay the sum, divided into four repayment of loans and interest. Philippine Ministry of Finance on September 21 this year, has repaid the first installment of principal and interest totaling $ 46,110,000.
 
Previously, just come to power the Philippine Transport Minister Abaya told putting words said, the North Rail project in the Philippines will be submitted to the International Court of Arbitration, the Philippine side payments that the decision by the Court of Arbitration. Abaya remarks once the media interpreted as "the Philippines do not intend to repay the North Rail loan provided by China."



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