¥30 Billion of Additional Financing Discussed during PH-Japan Meeting

On Wednesday, the 12th meeting of the Philippines-Japan high-level joint committee on infrastructure development and economic cooperation was conducted online. Japan is now expected to continue as a top development partner of the country despite already exceeding its ¥1-trillion commitment for financial support in 2017.

According to the Department of Finance, a proposal for Japan to extend additional financing of ¥30-billion was discussed during the recent meeting. The funds will be used to reinforce the Philippines’ mass vaccination program, following the ¥50-billion of concessional financing that has been provided by the Japan International Cooperation Agency (JICA) during the beginning of the global pandemic.

The DOF furthered that the meeting also highlighted the achievements of the joint committee and the cooperation between Japan and the Philippines in the following areas:

• Pandemic response efforts
• Implementation of flagship infrastructure projects under the “Build, Build, Build” program
• Support for the Mindanao peace process
• Sectoral cooperation particularly in regional development, information and communication technology (ICT), and energy.

Included among these are flagship infrastructure projects which were likewise funded by Japan such as the Metro Manila subway, North-South commuter railway, Metro Rail Transit line 3 (MRT-3) rehabilitation, Dalton Pass east alignment alternative road, Cagayan de Oro-Malaybalay section of Central Mindanao highway, Parañaque spillway, urgent bridges construction project for rural development phase 2-component 1, Davao City flood control and drainage, Subic Bay’s regional development masterplan, and New Clark City’s smart city initiatives.

Finance Secretary Carlos Dominguez III expressed his gratitude for Mori Masafumi, the special advisor to Japan Prime Minister Fumio Kishida, in a recent tweet. Dominguez also noted that their Japanese counterparts maintain a “strong commitment to continuing support to the Philippines’ infrastructure development, COVID-19 response, and other development initiatives.”

“Between our first meeting in 2017 and today, much has been started, achieved, and will be further continued. We extend our heartfelt gratitude to the people and the government of Japan for being a valuable partner in our country’s growth and development as well as economic recovery,” he added.

“I am confident that the commitment of Japan to partner with the Philippines in developing our economy is for the long term, as it has been in the past,” Dominguez elaborated when asked whether the Japanese delegation’s commitment would spill over into the next administration as the elections loom closer.

“I wish to report that Japan’s public and private financial contribution to the Philippines’ nation-building in the five years since January 2017 amounts to 1.38 trillion yen [about P610 billion], well over the 1-trillion yen mark set forth. I’d like to emphasize that the government of Japan’s commitment to the bilateral cooperation project remains unchanged under the Kishida Cabinet,” affirmed Mori.

Source: Inquirer