US willing to invest in Mindanao Railway Project: envoy

FILE: Ambassador Jose Manuel Romualdez. (Photo: Philippine Embassy in Washington DC, USA/Facebook)

MANILA – The United States has offered to support the stalled Mindanao Railway Project, Philippine Ambassador to the US Jose Manuel Romualdez said on Wednesday.

In a text message, the envoy said the US has indicated its interest in investing “over a billion dollars” in the infrastructure program, with the financing expected to come from the US International Development Financial Corporation (DFC).

The envoy first made the announcement in his December 31 Philstar column as part of his yearend report to the Filipino community in the US.

“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,” he penned.

“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.

Romualdez said 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.

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.

The Transportation chief also confirmed that the government is looking for other sources possibly a “combination of Philippine government support, ODA, and private sector support” to fund the PHP81.7 billion Mindanao Railway Project Phase 1 Tagum-Davao-Digos Segment.