IN a recent debate on the General Principles and Provisions of the 2024 National Budget, Assistant Minority Leader and Camarines Sur 3rd District Representative, Gabriel Bordado Jr., voiced his apprehension that the Philippine National Railway (PNR) project will get further delayed.
The debate, which took place Tuesday, centered on the budget allocation for the PNR’s financing and its current status within the broader context of the national budget.
Representative Stella Quimbo, one of the sponsors of the General Appropriations Bill (GAB), confirmed that the total budget amounts to Php 5.768 trillion, with Php 2.46 trillion to be sourced from borrowings and the remaining 57% from local income and revenues. The debt to GDP ratio was reported to be at a comfortable 61%.
During the debate, Bordado sought clarification on the status of the PNR South Long-Haul Project, including its funding and implementation progress.
He emphasized that the project’s execution would have a profound impact on the economic well-being of the Bicol Region. He underscored that the initial budget allocation for the project in 2018 amounted to Php 175 billion and sought information regarding its current status within the national budget.
In response, Rep. Quimbo clarified that the 2024 budget includes funds for the PNR’s initial phase, which primarily involves conducting feasibility studies.
Originally budgeted at Php 3.80 billion, this phase was originally going to be financed through a loan from the Chinese Government. Delays in the project’s timeline have arisen due to changes in financing arrangements.
However, Rep. Quimbo assured that the commitment to pursue the PNR South Long-Haul Project remained steadfast. The feasibility study is scheduled to commence in 2024, and funding will be secured either through local sources or alternative foreign financing arrangements.
Earlier this year, Rep. Bordado appealed to President Ferdinand Marcos Jr. to prioritize the revival of the PNR project in the Bicol region. He emphasized the project’s vital role in fostering economic growth and development in the region.
The PNR’s Bicol-bound trains have historically played a pivotal role in driving economic growth and development in the area. The railway system has been the backbone of progress in the Bicol Region, enhancing its competitiveness alongside more advanced regions in the country.
Over the years, it has facilitated the efficient transportation of goods and services, thereby strengthening regional connectivity and stimulating economic activities.
