MANILA – The Philippines and Japan will discuss how to process new concessional loan agreements to boost funding for the Duterte administration’s “Build, Build, Build” program under the “fast and sure” approach.
Both countries have adopted a new approach to processing official development assistance (ODA) for big-ticket projects, called the fast and sure approach, the Department of Finance said on Monday.
Philippine and Japanese officials will hold their sixth meeting on infrastructure and economic cooperation this Wednesday in Manila to discuss the processing of new concessional loan agreements that would provide the Duterte administration’s “Build, Build, Build” program with additional financing support from Japan, the department said in a statement.
“Since its first meeting in March last year, the high-level joint committee has made substantial progress in expediting the processing of approvals for Japanese loans for projects under President Duterte’s centerpiece program ‘Build, Build, Build’,” the DOF noted.
Loan agreements signed between Japan and the Philippines under the fast and sure approach covered the following projects:
*Metro Rail Transit Line 3 System (MRT3) rehabilitation
*Bohol Airport Construction and Sustainable Environmental Protection
Metro Manila Subway – 1st Phase
*Arterial Road Bypass (Plaridel Bypass) – 3rd Phase
*Finance Secretary Carlos Dominguez III will chair the Philippine side during the 6th meeting of the Philippines-Japan High-Level Joint Committee on Infrastructure Development and Economic Cooperation.
The Japanese side will be led by Dr. Hiroto Izumi, who is Special Adviser to Prime Minister Shinzo Abe. (GMA News/PN)
