Japan renews commitment for PH infrastructure projects
Credit to Author: Mayvelin U. Caraballo, TMT| Date: Sun, 08 Dec 2019 16:14:29 +0000
The Japanese government has renewed its commitment to assist the Philippines in various infrastructure projects, the Department of Finance (DoF) said over the weekend.
In a statement, the Finance department reported that Philippine and Japanese officials, in a high-level meeting held in Japan on Friday, discussed the continuing partnership between their countries in implementing infrastructure flagship projects of the Duterte administration.
“During the meeting, the Philippine side acknowledged the technical assistance provided by Japan for ongoing ‘Build, Build, Build’ projects, as well as its commitment to extend additional technical assistance that are critical to the Philippines’ campaign to bridge the infrastructure financing gap,” it said.
Finance Secretary Carlos Dominguez 3rd informed the Japanese officials at the meeting that the two countries are ready to sign the 4.409-billion yen (about P2.061 billion $40.598 million) supplemental loan agreement for the Metro Manila Priority Seismic Bridge Improvement Project in the coming months.
Both sides also confirmed to work toward the signing of the exchange of notes and the loan agreement for a supplemental loan to finance the ongoing Davao City Bypass Construction Project.
The Finance department added the Japanese side expressed its 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 (fourth Butuan Bridge.)
“Both sides also confirmed to speed up the formulation of the Central Mindanao Highway Project (Cagayan de Oro-Malaybalay Section), as a candidate for Japanese official development assistance,” the DoF said.
The Philippine and Japanese officials also committed to closely coordinate in finalizing the regional development master plan for Subic Bay and its surrounding areas “at the soonest possible time.”
The DoF added the Japanese side reiterated its intention to provide a loan under the Special Terms for Economic Partnership financing program for the Cebu-Mactan Bridge and Coastal Road Construction Project, and discussed with its Philippine counterparts the progress of the Dalton Pass East Alignment Alternative Road Project, particularly the commencement of the project’s feasibility study that is being financed through a grant from the Japan International Cooperation Agency.
Japan also reaffirmed its readiness to enhance its assistance to the Philippines for the development of Mindanao, and provide additional technical aid to the Bangsamoro Transition Authority, and the rehabilitation and reconstruction of the Most Affected Areas in Marawi City.
Lastly, the DoF mentioned Dominguez said the regular meetings of the committee, alternating between venues in the Philippines and Japan, is part of the “fast and sure” approach adopted by the two countries to ensure the smooth and swift implementation of the Japan-funded projects under the Build, Build, Build program.