MANILA – Officials of the Philippines and Japan are set to sign next week the $202.4-million loan agreement for the development of the road network in conflict-affected areas in the Mindanao region.
In an emailed statement on Sunday, the Department of Finance (DOF) said officials of both countries are set to sign the agreement, as well as discuss other Japan-funded infrastructure projects, on June 18.
According to the Japan International Cooperation Agency (JICA), the project involves the construction and improvement of access roads to arterial roads which has linkages to main cities in Mindanao.
During the meetings to be conducted at the Clark City in Pampanga, the Philippine side will be chaired by Finance Secretary Carlos Dominguez III and Socioeconomic Planning Secretary Ernesto Pernia.
Meanwhile, the Japanese delegation is expected to be led by Dr. Hiroto Izumu, special adviser to Japan Prime Minister Shinzo Abe.
Based on DOF records, nine loan agreements have been signed by the Philippines and Japan from October 2016 to January 2019, with a cumulative worth of ¥398.82 billion:
- 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) (GMA News)