Philippines Government has approved two multi-billion peso information and communication projects. Chinese Government will finance about $800 million through loans, which would be payable in about 15 years.
The National Economic and Development Authority (NEDA) is still negotiating better terms for the “concessional loans” provided for the two projects. The loans will be negotiated with the Export and Import Bank of China, which handles foreign loans. The loans also require that all equipment and materials for the projects will come from the Chinese suppliers. About P26 billion will be borrowed from the Chinese government for the Department of Education's Cybereducation project. The Department of Transportation and Communications' (DoTC) National Broadband Network project will connect over 28,000 national government sites nationwide in a wireless network using microwave technology.