MANILA – Officials from Philippine and Japanese governments met in Osaka, Japan on Thursday for the 7th high-level meeting on infrastructure and economic cooperation.
In a statement on Wednesday, the Department of Finance said the high-level infra meeting is aimed to “discuss ways of further expanding economic cooperation between their two countries, particularly on infrastructure development and on peace-building initiatives for Mindanao.”
Finance secretary Carlos Dominguez III headed the Philippine delegation to the 7th meeting of the Philippines-Japan High-Level Joint Committee on Infrastructure Development and Economic Cooperation on Feb. 21.
“Adopting the ‘fast and sure’ approach, Philippine and Japanese officials are expected to discuss in the Osaka high-level meeting the progress of project approvals and the processing of financing arrangements that would provide the Duterte administration’s ‘Build, Build, Build’ program with additional financing support from Japan,” the DOF said.
The Finance department said the high-level joint committee has made substantial progress in speeding up the loan approvals for Japan-supported “Build, Build, Build” infrastructure projects, with the processing time shortened to three to four months since its first meeting in March 2017.
Dominguez noted Manila and Tokyo have so far signed nine loan agreements since President Duterte assumed office in June 2016.
Dominguez said the loan agreements with a combined amount of ¥398.82 billion or around $3.63 billion or P189.92 billion are for the following projects:
- Maritime Safety Capability Improvement Project for the Philippine Coast Guard (Phase II)
- Harnessing Agribusiness Opportunities through Robust and Vibrant Entrepreneurship Supportive of Peaceful Transformation (HARVEST)
- Cavite Industrial Area Flood Risk Management Project
- Arterial Road Bypass Project (Phase III) in Bulacan
- New Bohol Airport Construction and Sustainable Environment Protection Project (II)
- Metro Rail Transit Line 3 Rehabilitation Project
- Pasig-Marikina River Channel Improvement Project (Phase IV)
- North-South Commuter Railway Extension Project (1st tranche of loan)
- Metro Manila Subway Project (Phase I), which is the single biggest venture under “Build, Build, Build”
Manila and Tokyo expect to sign the loan agreement for the Road Network Development Project in Conflict-Affected Areas in Mindanao soon.
Dominguez said Japan has been the Philippines’ top official development assistance (ODA) partner.
DOF data show that Japan is the No. 1 provider of ODA loans totaling $5.84 billion or 47.51 percent of the total, and the No. 5 provider of ODA grants amounting to $141.33M or 6.28 percent of the total.
Philippine officials will also to update their Japanese counterparts on the ongoing peace process in Mindanao, following the ratification of the Bangsamoro Organic Law (BOL), which will clear the way for the creation of a new Bangsamoro region.
Japan, for its part, will report on its observation mission during the Bangsamoro plebiscite and on possible additional areas of cooperation to assist in the Philippines’ peace-building programs in Mindanao. (GMA News)
