“The signing of the financial agreement between Secretary Juanita D. Amatong of the Department of Finance and Gov. Yang Zilin of the Eximbank of China in Malacañang today concludes nearly three years of dialogue and negotiations and ushers in a more comprehensive level of mutually beneficial cooperation between
the two countries,” Secretary said in a briefing at the Department.

She added that the Philippines appreciates China’s support for a project that jumpstarts an ambitious cargo and commuter rail system connecting Metro Manila with San Fernando, La Union through the economic growth zones in Clark, Pampanga and Subic, Zambales.

Secretary Albert underscored that the invaluable support by the Chinese government for the project is meaningful to the lives of common Filipinos.

In their meeting in Beijing on 16 February 2004, China’s President H.E. Mr. Hu Jintao conveyed to the Philippine Ambassador to China, H.E. Mr. Willy Gaa, that Northrail will be an enduring symbol of the friendship between the Philippines and China.

President Gloria Macapagal Arroyo acknowledged the personal support of China’s Ambassador to the Philippines H.E. Mr. Wang Chungui for the endeavor at the farewell call of the Chinese envoy in Malacañang on 24 February 2004.  For his exemplary work in promoting closer bilateral ties, Ambassador Wang was conferred the Order of Sikatuna (Grand Cross) with Rank of Datu by the President at an awarding ceremony following their meeting.

China’s Eximbank will provide a US$ 400 million contract supply loan, at concession rates, for the construction by China National Machinery and Equipment Corp. Group of a 32-kilometer double-tract railway system from Caloocan City to Malolos, Bulacan that is projected to serve at least 50,000 commuters between
these points on a daily basis.

The North Luzon Railways Corporation, together with relevant agencies, will begin working on the project in April. - END