President Marcos is looking at renegotiating the loans with Beijing in the hope of securing the official development assistance loans as the government has no money to fund these projects, said Undersecretary for Railways Cesar Chavez of the Department of Transportation (DOTr), Philippines Inquirer reported.

Manila’s loan applications with state-owned China Eximbank for the three big-ticket railways were deemed withdrawn after former Finance Secretary Carlos Dominguez III “canceled the application instead of keeping it in suspended animation” due to the bank’s inaction, Chavez said.

The financing was for contracts—which were already awarded—covering the first package of the Philippine National Railways (PNR) Bicol project, the Subic-Clark Railway Project (SCRP) and the first phase of the Mindanao Railway Project (MRP).