Japan backs PH's upper middle-income status bid

P65.43-B loan to support 'BBM' infra projects, other undertakings signed

- RAYMUND ANTONIO

Japan has reaffirmed its commitment to help promote and strengthen the Philippines' bid for an upper middle-income status country by extending robust support to the Marcos administration's “Build Better More (BBM)” infrastructure program.

This support to the Marcos administration will be coursed through the Japan-Philippines High Level Joint Committee on Infrastructure Development and Economic Cooperation, which held its 15th meeting on Monday, March 24, in Manila.

“Special Advisor to the Prime Minister Mori [Masafumi] stated that through this Joint Committee, Japan intends to continue robustly supporting the Marcos administration’s ‘Build Better More’ policy, which is a priority for the administration, through ODA (Official Development Assistance) and public-private partnerships, with an eye toward the Philippines' promotion to the upper middle-income status,” a statement from the Japanese Embassy in Manila stated.

The Manila meeting was co-chaired by Mori, Department of Finance (DOF) Secretary Ralph Recto, and National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan.

Loan deals signed

During the meeting, Recto and Japan International Cooperation Agency’s (JICA) new Philippines Chief Representative Baba Takashi signed the following loan agreements: 46.34 billion Japanese yen (about P17.67 billion) for the Davao City bypass construction project, 45.76-billion yen (about P17.45-billion) financing for phase four of PasigMarikina River channel improvement, and 14.48 billion yen (about P5.52 billion) for Cavite industrial area flood risk management.