The Philippine government reaffirmed its commitment to stronger economic cooperation with Japan, focusing on infrastructure development, during a meeting on Monday.
The 15th Meeting of the Philippines-Japan High-Level Joint Committee on Infrastructure Development and Economic Cooperation, held at the Bureau of the Treasury, discussed multi-sectoral collaboration in areas including disaster risk reduction, maritime safety, regional development, information and communications technology and energy and environment. Projects supporting the Mindanao Peace Process were also on the agenda.
National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan stressed the importance of infrastructure in strengthening the Philippine economy, citing Japan’s partnership as a key factor in the country’s growth.
“Today’s discussions reaffirmed our shared commitment toward ensuring the successful implementation of key infrastructure projects and tackling challenges in project execution,” Balisacan said.
The meeting reviewed progress on Japanese-supported projects, including the Parañaque Spillway Construction Project, the Philippine Coast Guard Support Facility, the National Digital Terrestrial Television Broadcasting Network Project and the Second San Juanico Bridge Construction Project.
Balisacan also cited the need for sustained investment, policy reforms, institutional strengthening and innovative financing as the Philippines aims for upper middle-income status.
“Our discussions also underscored the importance of innovative financing solutions. With concessional loans becoming less accessible, we recognize that Public-Private Partnerships will play a greater role in infrastructure development,” he said.
Loan agreements were signed for the Davao City Bypass Construction Project, Phase IV of the Pasig-Marikina River Channel Improvement Project, the Cavite Industrial Area Flood Risk Management Project, the Climate Change Action Program, Subprogram 2, and the Build Universal Healthcare Program, Subprogram 2.
The Joint Committee, established in 2017 following a state visit by then-Japanese Prime Minister Shinzo Abe, monitors infrastructure and economic cooperation projects in the Philippines.