Japan renews its commitment to the development of PH


Japan renewed its commitment to development cooperation with the Philippines during a high-level meeting between the two countries at the Ayuntamiento de Manila on November 4.

“Let me underscore that this administration’s commitment to the Philippines remains unchanged under President Marcos,” Japanese Prime Minister’s Special Advisor Mori Masafumi told the 13th Philippines-Japan High-Level Meeting of the Joint Committee. on infrastructure development and economic cooperation. .

Japan is the main official development assistance partner of the Philippines, whose support has contributed to projects in infrastructure development, investment readiness, disaster risk mitigation and management, food security , education, health, maritime security, peace and development in Mindanao.

Finance Secretary Benjamin Diokno said the Philippines and Japan had established strong economic, political and cultural ties that lasted for generations.

Japan and the Philippines have been cooperating on the timely implementation of major infrastructure projects such as the North-South Commuter Railway Projects and Metro Manila Metro Project Phase I since 2017.

The Japanese government has gone ahead with the completion and inauguration of ten projects funded by loans from the previous administration amounting to 93.071 billion pesos or $1.58 billion.

Diokno briefed the Japanese government delegation on the Philippines’ medium-term fiscal framework, which outlines the government’s plan to reduce the fiscal deficit, promote fiscal sustainability, and enable robust economic growth.

He said the Philippines would focus on high public infrastructure spending to spur growth, keeping spending at 5% to 6% of gross domestic product annually.

Representatives from Philippine government agencies also provided updates on proposed key infrastructure development projects.

Ministry of Transport projects include the New Bohol Airport Construction and Environmental Sustainability Project; metro line 3 rehabilitation project; Light Rail Transit Line 2 East Extension Project; Phase I of the Maritime Security Capabilities Improvement Project; Phase II of the Maritime Safety Capability Improvement Project and the Development of a New Communications, Navigation, Surveillance and Air Traffic Management System.

The Department of Public Works and Highways projects include Phase II of the Arterial Road Bypass Project; Pasig-Marikina River Channel Improvement Phase III; and the Cagayan, Tagoloan and Imus River Flood Risk Management Project.

Tokyo will host the next bilateral meeting which will identify pipeline projects.


Comments are closed.