Poe backs renegotiation of China railway deals
Senator Grace Poe on Sunday, July 17 welcomed the Marcos administration’s plan to renegotiate the country’s loan agreements with China for the three big-ticket railway projects that were initiated by the Duterte government.
“The President’s directive presents an auspicious opportunity to go back to the drawing board and craft deals that are fair and will produce tangible benefits to the Filipino people,” Poe said in a statement.
“Renegotiation should iron out issues that saddled the previous agreements, including interest rates and payment terms,” she stressed.
Poe made the statement after President Ferdinand “Bongbong” Marcos Jr. issued a directive to the Department of Transportation (DOTr) in light of reports the Chinese-backed Bicol, Subic-Clark and Mindanao railway projects were withdrawn.
The senator said the need to boost the country’s infrastructure should not compromise the best interest of the country.
“ It is the Filipino people who will ultimately repay such loans and we must ensure that they are not on the losing end,” added Poe.