PH, Japan meet tackle closer cooperation on key infrastructure projects

MANILA, Philippines – The Philippines and Japan both agreed to strengthen the strategic partnership between the two countries in implementing key infrastructure projects under the administration of President Rodrigo Duterte.
In a statement, the Department of Finance (DOF) said that during the high-level meeting held in Hakone last Dec. 6, Finance Secretary Carlos Dominguez and Japan’s Hiroto Izumi, special advisor to Japan Prime Minister Shinzo Abe, discussed Japan’s continued assistance for the Philippines’ infrastructure projects.
The two sides also expressed readiness to sign the JPY4.409 billion supplemental loan agreement for the Metro Manila Priority Seismic Bridge Improvement Project in the coming months.
During the meeting, the two officials signed the memorandum of cooperation (MOC) signifying the latter’s commitment to provide technical support to the Duterte administration’s formulation of a regional development master plan designed to maximize the economic potentials of the Subic Bay and its surrounding areas.
In November, the DOF said that Japan have committed to support the masterplan which includes the development of possible projects that will help boost economy in the Subic Bay area.
Japan also committed to extend additional technical assistance that are critical to the Philippines’ campaign to bridge the infrastructure financing gap.
Both sides likewise confirmed to work towards the signing of the exchange of notes and the loan agreement for a supplemental loan to finance the ongoing Davao City Bypass Construction Project (DCBCP).
The two countries also committed to speed up the formulation of the Central Mindanao Highway Project (Cagayan de Oro-Malaybalay Section), as a candidate for Japanese official development assistance (ODA).
In addition, the DOF said that Japanese officials have expressed their intention to conduct pre-feasibility studies for four of the Philippines’ priority projects: the Cebu Circumferential Road, Second San Juanico Bridge and Access Road, Central Mindanao Highway (Cagayan de Oro-Malaybay Section), and Agusan del Norte-Butuan City Logistical Highway (4th Butuan Bridge.)
Japan also reiterated its intention to provide a loan for the Cebu-Mactan Bridge and Coastal Road Construction Project, as well as additional technical assistance to the Bangsamoro Transition Authority (BTA) and the rehabilitation and reconstruction of the Most Affected Areas (MAA) in Marawi City.
The two sides also discussed other loan financing arrangements for the Philippines as it transitions to Upper Middle-Income Country (UMIC) status ahead of schedule in 2020.