PH and Japan Joint Venture for at least 34 Subic Bay Development Projects

The Philippines and Japan come up with a joint venture for the Subic Bay Regional Development Master Plan, where at least 34 projects are slated to develop Subic Bay, along with its surrounding areas. This joint effort aims to transform Subic Bay into an economic powerhouse and to serve as another promising zone for the Philippines.

Japan’s former Prime Minister, Shinzo Abe, first expressed Japan’s intent to offer assistance in formulating Subic Bay’s regional development assistance plan during the Japan-Philippines Summit Meeting held last November 2019. Finance Secretary Carlos G. Dominguez III also met with Japan’s Foreign Affairs Minister Yoshimasa Hayashi in Tokyo to welcome the publication of the said regional development master plan.

The master plan aims to have 34 development projects in Subic Bay and its surrounding areas tackling industrial promotion, port sector development, road network development, disaster risk management, and environmental protection programs. Apart from Japan’s assistance in this development project, Hayashi also states that Japan will also provide socio-economic assistance to areas in Mindanao, as well as work closely with the Philippines on the Philippine Coast Guard’s new facility in Subic. Apart from this, Dominguez also thanked the Japanese Foreign Affairs Minister for Japan’s support in the previous “Build, Build, Build” infrastructure program during the Duterte administration.

Dominguez and Hayashi also tackled topics on economic security and discussed plans on strengthening cooperation on critical infrastructures regarding safety and reliability issues. Hayashi also stated that he is willing to strengthen relations with the Philippines as Strategic Partners, aiming toward the goal of a “Free and Open Indo-Pacific” which recognizes that free and open international order is considered essential despite many numerous challenges.

Dominguez also hopes for more opportunities for cooperation with Japan, especially with the recent economic liberalization bills on foreign investments in the Philippines.

Source: BusinessMirror