Phl, Japan ink P65 billion loan deals

The Philippines has secured P65.43 billion worth of loans from Japan to fund big-ticket infrastructure projects such as a four-lane bypass road in Davao City and two major flood control projects in Metro Manila.

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The five financing agreements were signed by Finance Secretary Ralph G. Recto and Japan Intemational Cooperation Agency (JICA) Country Chief Representative Baba Takashi during a high-level meeting on Monday, the Department of Finance (DoF) said in a statement.

“We are deeply grateful to the government of Japan for its confidence in our ability to turn these projects into realities. On the part of the Philippine government, we will honor this trust by ensuring that every peso, every yen, and every commitment made today translates into real improvements to the people we serve,” Mr. Recto was quoted as saying.

“Indeed, Japan is not just a friend in words but in action. And today is just one of the many proofs that our friendship is growing stronger each day through concrete efforts.”

The Davao City Bypass Construction Project (II) will receive financing worth ¥46.34 billion (around P17.67 billion). The project involves the construction of a 45.5-kilometer, four-lane bypass road that aims to improve mobility and facilitate trade in Davao City.

The Pasig-Marikina River Channel Improvement Project Phase IV (Il) will get funding worth ¥45.76 billion (around P17.45 billion). The project will involve measures to control flooding in Metro Manila, such as the construction of dikes, revetments, flood gates, as well as channel dredging.