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Press Release - Poe on China ODA

The withdrawal of the official development assistance (ODA) from China for a railway project should not derail the implementation of our infrastructure programs.

In the past years, Chinese banks have also kept us in suspended animation with delays in our loan applications putting in limbo a number of government projects.

While appearing attractive, the loans are not exactly that benevolent as they come with hefty interest rates and other strings that could be detrimental to the country in the long term.

It's time to explore ODAs from other countries and seek available funding options from multilateral institutions and international assistance agencies that can deliver the goods.

A strategic move would also be to tap the private sector which holds the potential of accelerating infrastructure development and bringing innovative and efficient services.

Read more on legacy.senate.gov.ph