Philippines, France discuss 'possible' funding for first urban car cable system

ABS-CBN News

Posted at Jun 04 2021 03:55 PM

MANILA - Finance Secretary Carlos Dominguez said Friday he has met with French Ambassador to the Philippines Michèle Boccoz to discuss "possible funding" for several projects including the first urban car cable system in the country.

France is willing to provide financing support through a "highly concessional loan" for the proposed urban cable system which will be the first in Asia, the DOF said in a statement, citing comments from the envoy.

In a virtual meeting, Dominguez said the proposed $100-million project is pending approval by the Investment Coordination Committee.

The project by the Department of Transportation involves the construction of a cable-propelled mass transport system which spans about 4.5 kilometers along the Santolan-Eastwood-Pasig corridor, the DOF said.

France had extended a grant for the feasibility study on the project in 2018, the agency said.

The officials have also discussed the proposal to acquire 40 units of 24-meter fast patrol boats for the Philippine Coast Guard, 2 additional 84-meter offshore patrol vessels, and 2 coastal patrol boats from French shipbuilder OCEA.

The DOF said the French envoy sees the country as a viable investment destination for foreign investors due to its prudent fiscal management.

Economic managers have been reiterating that the Philippines' strong macroeconomic fundamentals have allowed the government to respond swiftly to the COVID-19 pandemic.

The country's credit rating has also defied global downgrades as debt watchers affirmed its current ratings with a stable outlook.

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