The Department of Finance (DOF) said it secured P65.- billion loan from the Japanese government to finance big-ticket infrastructure projects and support health and climate change initiatives.
“We are deeply grateful to the government of Japan for its confidence in our ability to turn these projects into realities. On the part of the Philippine government, we will honor this trust by ensuring that every peso, every yen, and every commitment made today translates into real improvements to the people we serve,” Finance Secretary Ralph Recto said Monday.
“Indeed, Japan is not just a friend in words but in action. And today is just one of the many proofs that our friendship is growing stronger each day through concrete efforts,” he said.
Senior Japanese government officials led by Dr. Mori Masafumi, Special Advisor to the Japanese Prime Minister, visited the Philippines to convene the 15th Philippines-Japan High-Level Joint Committee Meeting (HLJCM) on Infrastructure Development and Economic Cooperation in order to accelerate the roll-out of Japan-supported projects in the country.
Recto headed the Philippine delegation along with his co-chair, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan.
Among the key highlights of the meeting were the signing of supplement financing agreements for a bypass road project in Mindanao and two major flood control projects in Luzon.
The Davao City Bypass Construction Project (III), with a financing worth 46.34 billion yen (about P17.67 billion), will improve mobility for Davaoeños, facilitate trade and accelerate economic growth in Mindanao through the construction of a four-lane bypass road with a total length of 45.5 kilometers.
Meanwhile, the financing worth 45.76 billion yen (about P17.45 billion) for the Pasig-Marikina River Channel Improvement Project, Phase IV (II), will help strengthen the flood management infrastructure in Metro Manila through the establishment of dikes and revetments, installation of flood gates, and channel dredging, among other measures.
The Cavite Industrial Area Flood Risk Management Project (II) also received financing worth 14.48 billion yen (about P5.52 billion) to help mitigate flood damage in the lower reach of the San Juan River Basin and its adjacent Maalimango Creek Drainage Area.
Also signed were the agreements for two program budget-support financing to assist the Philippines in advancing health and climate change initiatives.
The financing for the Climate Change Action Program, Subprogram 2 worth 35 billion yen (about P13.35 billion) will equip the government with the financial capability to implement more climate adaptation, mitigation and disaster preparedness initiatives.
Meanwhile, the 30-billion-yen (about P11.44 billion) financing for the Build Universal Health Care, Subprogram 2 will help improve equitable access to quality health services that are also responsive to gender-specific health concerns and the health impacts of climate change.
The five financing agreements were signed by Recto and Japan International Cooperation Agency (JICA) Country Chief Representative Baba Takashi.
The Japanese government reaffirmed its commitment to supporting the Marcos, Jr. administration’s Build Better More program and other key priority areas.