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PHL, Japan exchange notes on ¥206B in loans for 2 infra projects
The governments of the Philippines and Japan on Wednesday signed and exchanged two documents on the Japanese government's commitments to provide around ¥206 billion (P95.2 billion) in loans for two infrastructure projects of the Duterte administration.
The exchange of notes took place during the 6th Philippines-Japan High Level Joint Committee on Infrastructure Development and Economic Cooperation Meeting in Pasay City.
It involved a ¥37.905-billion ($336.24-million) loan commitment for the Pasig-Marikina River Channel Improvement Project Phase IV and a ¥167.199-billion ($1.413-billion) loan commitment for the first tranche of the North-South Commuter Railway (NSCR) Extension Project.
The documents were signed by the Department of Foreign Affairs (DFA) and the Embassy of Japan.
During the high-level meeting, Finance Secretary Carlos Dominguez III said the Philippines and Japan adopted a "fast and sure" principle in cooperating on major infrastructure projects.
Dominguez noted that the exchange of notes for the two infrastructure projects were signed only a week after the National Economic and Development Authority (NEDA) Board, chaired by President Rodrigo Duterte, approved the projects.
“We are making a mark in the history of the Philippines-Japan partnership in development cooperation,” the Finance chief said.
Japan's committed loan for the Pasig-Marikina River Channel Improvement Project Phase IV covers the final phase of the project to mitigate the frequent massive flooding caused by the overflow of the Pasig-Marikina River.
The final stage covers the river channel improvement works along the stretch of the Upper Marikina River, from the downstream of the Manggahan Floodway to the Marikina Bridge, and includes the construction of the Marikina Control Gate Structure.
For the NSCR Extension Project, Japan has committed to grant the loan in tranches.
The project involves extending the NSCR railway from Malolos in Bulacan to Clark International Airport in Pampanga and from Solis in Manila to Calamba in Laguna.
The latest dialogue is the sixth high-level meeting held between the Philippines and Japan to facilitate the financing and implementation of the infrastructure projects under the “Build, Build, Build” program.
“This is our sixth meeting since March 2017. Our regular meetings continue to visibly deliver positive impact on our key infrastructure projects and sectoral cooperation. I am glad to see this Joint Committee has covered and addressed many issues in such a short period of time,” Dominguez said.
“We look forward to an open, productive and meaningful dialogue this afternoon,” the Finance chief said.
Dominguez chaired the Philippines’ side while the Japanese delegation was led by Dr. Hiroto Izumi, who is a special advisor to Prime Minister Shinzo Abe.
The Finance chief said the two countries will continue to discuss the various Philippine flagship infrastructure projects included in the pipeline for Japanese financing “to address outstanding issues on project preparation and implementation.”
Among the projects to be discussed for financing through Japanese Official Development Assistance (ODA) is the Road Network Development Project in Conflict-Affected Areas in Mindanao.
The other projects include road construction and expansion projects in northern Luzon and Metro Manila, flood management and drainage improvements, and various components of the New Clark City project.
Dominguez, on behalf of the Philippine government, also thanked Japan for its support for the victims of Typhoon Ompong as he expressed confidence that the collaboration between the two countries on disaster risk management “will surely mitigate such future events.”
The Cabinet official also thanked Japan for its plan to increase assistance for the peace process in Mindanao after the signing of the Bangsamoro Organic Law (BOL).
Dominguez likewise expressed the Philippines’ support for Japan’s Free and Open Indo-Pacific Strategy, which, he said, “aims to promote peace, stability and prosperity in the ASEAN region.”
Dominguez also said that two loan agreements were signed since the fifth meeting held in Tokyo last June.
These cover the supplemental loan of ¥4.376 billion for the second phase of the New Bohol Airport Construction and Sustainable Environmental Protection Project and the ¥38.1 billion loan for the Metro Rail Transit Line 3 Rehabilitation Project.
Dominguez said the loan agreements underwent processing in less than three months.
“This underscores the ‘Fast and Sure’ approach we have adopted for our key infrastructure projects,” the Finance chief said.
Dominguez said the Philippine side will update the Japanese officials during their meeting on the current status of the Mindanao peace process and its outlook after the signing into law of the BOL; the status of Marawi’s reconstruction and rehabilitation efforts; and the progress of the initiatives in the various fields of sectoral cooperation between the two countries.
Joining Dominguez at the meeting were Secretaries Ernesto Pernia of the National Economic and Development Authority (NEDA), Teodoro Locsin Jr. of the Department of Foreign Affairs (DFA), Benjamin Diokno of the Department of Budget and Management (DBM), Arthur Tugade of the Department of Transportation (DOTr), Mark Villar of the Department of Public Works and Highways (DPWH), Alfonso Cusi of the Department of Energy (DOE), Francisco Duque III of the Department of Health (DOH), and Martin Andanar of the Presidential Communications Operations Office (PCOO).
Acting Secretary Eliseo Rio Jr. of the Department of Information and Communications Technology (DICT); National Security Adviser Hermogenes Esperon, Jr.; Vivencio Dizon, president-CEO of the Bases Conversion and Development Authority (BCDA); and Assistant Secretary Leo Herrera-Lim of the Department of Foreign Affairs (DFA) were also present in the meeting. — BM, GMA News
