Japan pledges ¥113.929B in loans to Philippines

JAPAN has pledged a ¥113.929 billion in loans for the Philippines, which President Rodrigo Duterte will use for the construction of the Metro Manila Subway and Bulacan Bypass Road projects.

In a statement released by Japan’s Ministry of Foreign Affairs, Japanese Prime Minister Shinzo Abe made the pledge during his meeting with the Philippine President in Tokyo on Monday, October 30.

The Philippine and Japan governments will sign an exchange of notes for the yen loan in the future, it said.

Some ¥104.53 billion worth of loan will be used for the Phase 1 of the Metro Manila Subway Project, which aims to ease the worsening traffic situation in Metro Manila and to mitigate the effects of climate change.

The remaining ¥9.399 billion will be spent for the Phase 3 of Bulacan’s Bypass Road Project, which will help decongest traffic in Plaridel City. The bypass road will be constructed along the Philippine-Japan Friendship Highway that directly connects Metro Manila and Central Luzon.

Meanwhile, Foreign Affairs Secretary Alan Peter Cayetano exchanged notes with Japan’s Foreign Minister Taro Kono for the ¥15.928 worth of loan for the Cavite Industrial Area Flood Risk Management Project, which aims to reduce flood damage in the Cavite province.

Duterte and Abe witnessed the signing of the exchanged notes.

Duterte embarked on a three-day official visit to Japan starting Sunday to advance the Philippines’ relations with Japan.

On Monday, the President also witnessed the signing of at least 18 business-to-business deals that would yield $6 billion worth of investments for the Philippines.

Among the Japanese companies that signed the business deals are Marubeni, Itochu, Sumitomu Metal Mining, Taiheiyo Cement, Tsuneishi Shipbuilding, Japan Tobacco, Tokyo Gas, Ministop, Lawson, Densan System, Hitachi Asia, List, and Subic Smart Community.

Filipino businessmen that also signed business agreements are Meralco chairman Manny Pangilinan and chief executive officer (CEO) Oscar Reyes; Steel Asia Manufacturing Corporation chairman Benjamin Yao; and Metro Pacific Investments chair Pangilinan and CEO Jose Maria Lim.

The Filipino business tycoons forged deals with Hitachi CEO representative executive officer Tanaka, Yamato Kogyo president Mikuo Kobayashi and Itochu Corporation executive officer Hiroshi Sato, respectively. (SunStar Philippines)
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