SUMMARY
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The Philippines and China have successfully renegotiated the remaining US$184-million loan for the Northrail project. Instead of settling the entire amount due this 2012, the finance department is instead paying the Export-Import Bank of China 4 equal tranches of $46 million starting September this year. After meeting with China Eximbank officials in June to renegotiate payment terms, a team from the finance department was able to lengthen the payment period of a portion of the $500-million loan by two more years, or up to 2014. The Northrail project is crucial in the planned transfer of the main international airport in Manila to Clark in Central Luzon.
Read the full story on Rappler.
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