Wednesday, October 01, 2008 Japan extends loan to RP
THE Japanese government has extended another financial loan to the Philippines amounting to P10.2 billion or Y24.8 billion as part of the Environment Development Program.
The Japanese Overseas Development Assistance (ODA) was signed between Japanese Ambassador Makoto Katsura and Foreign Affairs Undersecretary Franklin Ebdalin.
It hopes to provide financial help to the projects of the local government units, government-owned and controlled corporations, water districts, private corporations, and water service providers, through the Development Bank of the Philippines (DBP) and its conduits under this project.
The project will also provide DBP and other relevant organizations with technical assistance to mobilize, encourage, and support activities and investments in environment-friendly projects, thus contributing to the protection of the environment and the conservation of natural resources.
It is designed to target numerous sectors, including water resources, sanitation, new and renewable energy, industrial pollution control, and solid waste management.
"The project will contribute to strengthening the partnership for comprehensive cooperation between Japan and the Philippines in the area of the protection of the environment," Makoto said during the signing held Tuesday at the main office of the Department of Foreign Affairs in Pasay City.
Japan is the biggest provider of loan assistance to the Philippines with concessionary rates and long terms of repayment. (MSN/Sunnex)
