Finance Secretary Ralph Recto secured financing for big-ticket infrastructure projects and budget support for health and climate change initiatives during the Philippines-Japan high-level meeting.
In a statement, the Department of Finance (DOF) said the high-level discussion took place Monday at the Bureau of the Treasury office.
Senior Japanese government officials led by Dr. Mori Masafumi, Special Advisor to the Japanese Prime Minister, visited the Philippines to convene the 15th Philippines-Japan High-Level Joint Committee Meeting (HLJCM) on Infrastructure Development and Economic Cooperation to accelerate the roll-out of Japan-supported projects in the country.
Recto headed the Philippine delegation along with his co-chair, National Economic and Development Authority Secretary Arsenio Balisacan.
During the meeting, Recto and Japan International Cooperation Agency (JICA) Country Chief Representative Baba Takashi signed five financing agreements.
The DOF said Japan would finance the JPY46.34 billion (PHP17.67 billion) Davao City Bypass Construction Project which will improve mobility for Davaoeños, facilitate trade, and accelerate economic growth in Mindanao through the construction of a four-lane bypass road with a total length of 45.5 kilometers.
Japan will also provide JPY45.76 billion (PHP17.45 billion) for the Pasig-Marikina River Channel Improvement Project, Phase IV to strengthen the flood management infrastructure in Metro Manila through the establishment of dikes and revetments, installation of flood gates, and channel dredging, among other measures.
The Cavite Industrial Area Flood Risk Management Project also received financing worth JPY14.48 billion (PHP5.52 billion) to help mitigate flood damage in the lower reach of the San Juan River Basin and its adjacent Maalimango Creek Drainage Area.
The financing for the Climate Change Action Program, Subprogram 2 worth JPY35 billion (PHP13.35 billion) will equip the government with the financial capability to implement more climate adaptation, mitigation, and disaster preparedness initiatives.
Another JPY30 billion (PHP11.44 billion) financing for the Build Universal Health Care, Subprogram 2 will help improve equitable access to quality health services that are also responsive to gender-specific health concerns and the health impacts of climate change.
During the high-level meeting, the DOF said the Japanese government committed to continue supporting the Marcos administration’s Build Better More program and other key priority areas.
Both sides also discussed the status, implementation issues, and ways forward to fast-track the rollout of the big-ticket projects funded by Tokyo.
The DOF said Tokyo is also in talks with Manila to support the Central Mindanao High Standard Highway, the second San Juanico Bridge Construction Project, the Flood Control and Drainage Project in Davao City, the Parañaque Spillway Project, the National Public Broadcasting Digital Terrestrial Broadcasting Network Development Project, and the Magat Dam Reconstruction Project, among others.
Updates on the Mindanao peace process were also tackled, along with progress on the cooperation in disaster risk reduction, maritime safety, regional development, Information and Communications Technology, and energy transition.
The Philippine government likewise presented prospects for future infrastructure development, focusing on Public-Private Partnership integration and Official Development Assistance financing. (PNA)
