Japan commits technical support for Subic master plan
Credit to Author: Mayvelin U. Caraballo, TMT| Date: Tue, 10 Dec 2019 18:26:49 +0000
The Japanese government has committed to provide technical support to the Duterte administration’s formulation of a regional development master plan designed to maximize the economic potentials of Subic Bay and its surrounding areas, the Department of Finance (DoF) said.
In a statement on Tuesday, the Finance department reported the Philippines and Japan signed on December 6 a memorandum of cooperation (MoC) signifying the latter’s commitment to the master plan development.
It stated that Finance Secretary Carlos Dominguez 3rd, representing the Philippine government, and Hiroto Izumi, special advisor to Japanese Prime Minister Shinzō Abe, on behalf of Japan, signed the MOC at the conclusion of the ninth meeting of the Philippines-Japan Joint Committee on Infrastructure Development and Economic Cooperation, held in Tokyo.
Under the MOC, the DoF stressed that the Subic Bay Regional Development Master Plan may include possible projects in the fields of road network development, logistics terminal development, disaster risk management, and the development of public utilities.
“The Philippine government may require cooperation from Japan, including Official Development Assistance (ODA) and other financial resources, for the implementation of the prioritized projects listed in the finalized Master Plan. Projects to be financed by Japanese ODA and other financial resources will be determined following a master plan survey and in light of both governments’ priorities,” the MOC said.
According to the Finance department, Japan first made known its commitment to provide technical assistance to the Philippines for the development of Subic and its surrounding communities during the bilateral meeting between President Rodrigo Duterte and Japan Prime Minister Shinzō Abe on November 4 on the sidelines of the 35th Association of Southeast Asian Nations Summit and Related Summits in Bangkok, Thailand.
The two leaders described the Japanese commitment of assistance “as a testament to the deepening strategic partnership between Japan and the Philippines,” it added.