PHL, Japan firm up Tokyo's infrastructure commitments

Philippine officials and their Japanese counterparts met in Yokohama, Japan on the sidelines of the recent 50th Annual Meeting of the Asian Development Bank (ADB) to firm up commitments on projects covered by the ¥1 trillion financing package pledged by Prime Minister Shinzo Abe to the Philippines.
 
Topping the list of Manila’s proposed projects for possible Japanese financing and technology transfer are the Mega Manila Subway and the Manila-Clark Railway Project, Finance Secretary Carlos Dominguez III had told Deputy Prime Minister and Finance Minister Taro Aso.
 
Aso and Dominguez emphasized the importance of infrastructure to the Philippine economy and its impact on jobs and trade facilitation, the Department of Finance said on Friday.
 
Dominguez and Aso co-chaired the 20th ASEAN + 3 (China, Japan, South Korea) Meeting that was also held in Yokohama.
 
Aso briefly discussed with Dominguez Japan’s proposed bilateral currency sway arrangements with ASEAN, which Aso proposed at the ASEAN + 3 Meeting.
 
Japan’s proposal was to set up a yen-based fund that will provide ASEAN economies up to $40 billion under existing bilateral currency swap arrangements.
 
During the inaugural meeting of the Philippine-Japan Joint Committee on Infrastructure Development and Economic Cooperation in Tokyo last March, the Philippines’ priority projects for possible implementation with Japan ODA financing and support were discussed.

The priority list covers projects in railway, irrigation and public works projects covering road and flood management.
 
Additional projects in public works, energy and industrial zone development were also submitted by Philippine officials.

The joint committee meeting followed the official visit of President Duterte to Japan last year and the reciprocal visit made by Prime Minister Shinzo Abe to the Philippines in January. — VDS, GMA News