Two loan agreements to execute infrastructure projects in Metro Manila and Davao City are scheduled to be signed in the near future, the Philippines' Finance Department said.
Finance Secretary Carlos Dominguez told Japanese officials during a meeting in Hakone, Japan Friday that both the Philippines and Japan were ready to sign the 4,409 billion yen supplementary loan agreement for the Metro Manila Priority Seismic Bridge Improvement Project in the coming months.
The project aims to improve the stability of transportation network in Metro Manila by rebuilding two bridges, namely the Lambingan Bridge and the Guadalupe Bridge, according to the Japan International Cooperation Agency.
More projects
Manila and Tokyo also agreed to collaborate towards the signing of an the additional loan agreement to finance the ongoing construction project for the Davao City bypass.
A Philippine team, headed by Dominguez, visited Japan last week for the Joint Committee on Infrastructure Development and Economic Cooperation's ninth high-level conference between the Philippines and Japan.
The conference centered on the financing mechanisms that Japan is preparing to offer to the Philippines, which is already turning into a "high to middle income" nation by 2020.
The DOF said the Japanese side expressed its plan to provide funding assistance for the Cebu-Mactan bridge and the Coastal Road Construction Project during the discussions. Tokyo also asked for reports on the ongoing feasibility study of the JICA-funded Dalton Pass Easy Alignment Road Project.
According to Finance officials, the Japanese government was also interested in carrying out other billion-peso pre-feasibility studies that will cover four major infrastucture undertakings.
Linking Cities
These include the Circumferential Road of Cebu, Second San Juanico Bridge and Access Road, Central Mindanao Highway (Cagayan de Oro-Malaybalay Section) and Logistical Highway of Agusan del Norte-Butuan Town.
All parties have decided to promote the creation of the Central Mindanao Highway Project (covering the Cagayan de Oro-Malaybalay link), which could be a contender for official development assistance from the Japanese government.
Certain aspects of partnerships were also addressed by Japan and the Philippines, such as catastrophe risk management. The two parties supported the success of Japan-funded railroad ventures like the Metro Manila Subway Project and the North-South Commuter Railroad Program.
At the conclusion of the meeting, a Memorandum of Cooperation was signed by Dominguez and Hiroto Izumi, Special Advisor to Japanese Prime Minister Shinzo Abe, which signifies Japan's commitment to provide technical support for the development of a regional infrastructure masterplan for Subic Bay and its surrounding areas.
