Japan renewed its commitment for development cooperation with the Philippines in a high-level meeting between the two countries at Ayuntamiento de Manila on Nov. 4.
“Let me emphasize that this administration’s commitment to the Philippines remains unchanged under the Marcos presidency,” Special Advisor to the Prime Minister of Japan Mori Masafumi said during the 13th Philippines-Japan High-Level Meeting of the Joint Committee on Infrastructure Development and Economic Cooperation.
Japan is the Philippines’ leading official development assistance partner, whose support has contributed to projects in infrastructure development, investment readiness, disaster risk mitigation and management, food security, education, health, maritime safety and peace and development in Mindanao.
Finance Secretary Benjamin Diokno said the Philippines and Japan had built strong economic, political and cultural ties that spanned generations.
Japan and the Philippines have cooperated on the timely implementation of major infrastructure projects such as the North-South Commuter Railway Projects and the Metro Manila Subway Project Phase I since 2017.
The Japanese government followed through on the completion and inauguration of ten loan-assisted projects from the previous administration amounting to P93.071 billion or $1.58 billion.
Diokno briefed the Japanese government delegation on the Philippines’ Medium-Term Fiscal Framework, which outlines the government’s plan to reduce fiscal deficit, promote fiscal sustainability and enable robust economic growth.
He said the Philippines would focus on high public infrastructure spending to stimulate growth, maintaining expenditure at 5 percent to 6 percent of gross domestic product annually.
Representatives from Philippine government agencies also presented updates on proposed key infrastructure development projects.
The Department of Transportation’s projects include the New Bohol Airport Construction and Sustainable Environment Protection Project; Metro Rail Transit Line 3 Rehabilitation Project; Light Rail Transit Line 2 East Extension Project; Maritime Safety Capability Improvement Project Phase I; Maritime Safety Capability Improvement Project Phase II and the New Communications, Navigation, Surveillance/ Air Traffic Management System Development Project..
The Department of Public Works and Highways’ projects include the Arterial Road Bypass Project Phase II; Pasig-Marikina River Channel Improvement Phase III; and Flood Risk Management Project in Cagayan, Tagoloan and Imus Rivers.
Tokyo will host the next bilateral meeting that will identify pipeline projects.