GMA Brandtalk
Tracking
Archives
Japan likely to fund more PHL infra projects —DOF
Japan will likely fund more Philippine infrastructure projects through grants and loans as discussed at a recent high-level meeting in Pasay City, the Department of Finance said Thursday.
“In this latest meeting, both sides confirmed the updated candidate list of projects for consideration and action. This list includes new projects proposed for Japanese loan and grant financing,” Finance Secretary Carlos Dominguez said after the meeting.
The 6th Philippines-Japan High-Level Joint Committee on Infrastructure Development and Economic Cooperation Meeting was held late Wednesday, with Hiroto Izumi, a special advisor to Prime Minister Shinzo Abe.
Among the list of projects in the pipeline were road construction and expansion projects in northern Luzon and Metro Manila, flood management and drainage improvements, and various components of the New Clark City development.
These may possibly be funded through Japanese official development assistance (ODA), Dominguez said.
Dominguez noted that the two countries were both committed to fast-track development cooperation by having regular dialogues.
“This is the sixth meeting of this Committee in just over a year. That underscores the importance both sides put on getting the projects moving as efficiently as possible,” Dominguez said.
To ensure that partial operations of the Metro Manila Subway will commence in May 2022, the Japanese side requested the Philippine government to expedite measures such as land acquisition and relocation of facilities.
A bilateral document on the subway project was signed by the Department of Transportation (DOTr) and the Japanese consulting firms.
Japan also reaffirmed its intent to contribute in the rehabilitation of war-torn Marawi City after the Philippine panel made updates on the present status of the Mindanao peace process in consideration of the Bangsamoro Organic Law.
Dominguez noted that Japan was invited to take part in the pledging session for the Bangon Marawi Comprehensive Rehabilitation and Recovery Program, which is set on Nov. 28 in Davao City.
“This event will mark a significant milestone in the Philippine government’s financing strategy towards the comprehensive recovery and reconstruction of Marawi City and provide us the opportunity to thank our development partners, including Japan, for their generous commitments of support,” he said.
Meanwhile, as China enjoys the spotlight with President Rodrigo Duterte's effort to pursue a closer relationship with it for economic gains, the agreed Japanese loans far outweigh those of China.
Out of the 29 deals inked by President Rodrigo Duterte and Chinese President Xi Jinping in the latter's recent state visit, the only loan agreement signed was for New Centennial Water Source-Kaliwa Dam Project which amounts to $232.5 million.
This is comparably smaller compared to the $1.39 billion financing agreement between the Philippines and Japan for the construction of a subway in the Metro Manila, rehabilitation of the Metro Rail Transit Line 3, the new Bulacan bypass road, and a new Panglao airport in Bohol.—Dona Magsino/VDS, GMA News
