Philippines seeks Japan, U.S. funding for Subic-Clark railway

TOKYO -- The Philippines is seeking Japanese and American lenders to put on track a 50-billion-peso ($850 million) freight railway project from which China withdrew, the head of the Philippine redevelopment authority for former U.S. military bases said in a recent interview with Nikkei Asia.

"We hope that one of the Japanese companies or the Japanese financing arm of the government ... [will] finance this project," Delfin Lorenzana, chairperson of the Bases Conversion and Development Authority, said in an interview in Tokyo earlier this month. He named the Japan International Cooperation Agency (JICA) and the Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) as examples of entities from which BCDA is seeking funds for projects.