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Philippines News Agency

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The Philippines News Agency

The Philippines News Agency (PNA) is a web-based newswire service of the Philippine government. The PNA Headquarters are housed at the 2nd floor of the PIA building along Visayas Avenue, Quezon City. PNA's website address is http://www.pna.gov.ph

It has been 35 years since PNA was launched in an era when newswire operations relied mainly on teletype machines and typewriters. PNA has steadily paced the highly competitive and changing arena of Philippine journalism; it is now slowly but surely coming to par with the challenges posed by the globalization of media communications. This has deeply shaped modern journalism and the news media organizations that have been instrumental in creating the very conditions that made globalization a reality.

PNA has evolved today as an Internet-based news service agency that caters to the global demand for news and information to its subscribers, readers and a host of other clients. PNA's mission is spelled out clearly: to provide the government, the Presidency, the public, as well as its media and non-media clients, both local and foreign based, sober, factual, impartial and objective news and information. PNA provides news 24/7, including photos of major events, feature stories, sports news and events, local and global opinions, general information, as well as global news and feature stories. PNA employs about a hundred journalists and stringers across the country, with several foreign-based correspondents.

PNA beat reporters and stringers are deployed practically in every government office and agency, including the main offices and camps of police and security forces, to provide news 24/7 for local, regional and global subscribers and readers. PNA likewise maintains active news exchanges with news agencies of ASEAN member-countries and the Organization of Asia-Pacific News Agencies (OANA).

 Philippines News Agency
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COMPETITION FORUM. EU Ambassador Franz Jessen delivers his opening message during the European Chamber of Commerce of the Phils. (PNA))

COMPETITION FORUM. EU Ambassador Franz Jessen delivers his opening message during the European Chamber of Commerce of the Phils. (PNA))

 PH securing financing from China to speed up infra projects: Pernia

MANILA -- The Philippine government is securing financing from China for its infrastructure projects in an effort to fast-track their implementation, according to the country’s chief economist.

During the joint membership meeting of the Makati Business Club and Philippine Chamber of Commerce and Industry on Wednesday, Socioeconomic Planning Secretary Ernesto M. Pernia said China charges the loans with an interest rate of 2 to 3 percent, while that of Japan is only at 0.25 to 0.75 percent.

“We cannot get all the loans from the ODA (official development assistance) of Japan. They have to give to other countries as well… Between 2 and 3-percent interest rate is still much better than commercial (loans),” he told reporters.

While the Philippines has long standing good relations with Japan, Pernia noted Japan’s slowness in the processing of projects.

“We don’t want to be left behind,” he said, stressing China has been aggressive in financing Philippine projects.

But Pernia, also Director-General of National Economic and Development Authority (NEDA), stressed that the country has not signed yet any loan agreement with China.

He also reassured that mechanisms would put into place for Chinese companies keen on participating in the government’s infrastructure program.

“We have that screening system on the Chinese side and on our side to make sure that we do not get involved with a company that is questionable or that has a bad record,” said the NEDA chief.

“They are not already blacklisted, for example, with the World Bank or ADB (Asian Development Bank) or the AIIB (Asian Infrastructure Investment Bank), that the Chinese government can vouch for them, and from the three (bidder companies) we are going to select on our side what we consider the best,” added Pernia.

Meanwhile, Pernia said three projects so far have been prioritized by the Chinese Embassy and the concerned Philippine government agencies for loan financing from China.

These are the Chico River Pump Irrigation Project of the National Irrigation Administration; the New Centennial Water Source–Kaliwa Dam Project of the Metropolitan Waterworks and Sewerage System (MWSS); and the North-South Railway Project (NSRP)–South Line of the Department of Transportation.

“The Philippines and Chinese governments continue to conduct consultations on the implementation status of the first batch of projects proposed for Philippine-China development cooperation, the indicative list of the second basket of projects, and other development and economic cooperation activities,” he said.

Pernia further said NEDA is currently updating the indicative list of priority projects for possible development cooperation with the Chinese government, in coordination with the Department of Finance (DOF) and the concerned government agencies.

“Infrastructure development is important for the government to reduce the cost of doing business and encourage both foreign and local investments in the country. We need adequate infrastructure to connect the country’s outlying regions to the mainstream economy. As well, we need infrastructure to raise productivity in the agriculture, industry, and services sectors,” he added. (PNA)