PHL, Japan sign MOC on Subic regional development

December 10, 2019

HAKONE—The Philippines and Japan signed Friday a memorandum of cooperation (MOC) signifying the latter’s commitment to provide technical support to the Duterte administration’s formulation of a regional development master plan designed to maximize the economic potentials of the Subic Bay and its surrounding areas. 

 Finance Secretary Carlos Dominguez, representing the Philippine government, and Hiroto Izumi, the Special Advisor to Japan Prime Minister Shinzō Abe, on behalf of Japan, signed the MOC at the conclusion of the 9thmeeting of the Philippines-Japan Joint Committee on Infrastructure Development and Economic Cooperation, which was held at the Hilton Odawara Resort in this scenic town west of Tokyo.  

 Under the MOC, the Subic Bay Regional Development Master Plan may include possible projects in the fields of road network development, logistics terminal development, disaster risk management and the development of public utilities. 

 “The Philippine government may require cooperation from Japan, including Official Development Assistance (henceforth, ‘ODA’) and other financial resources, for the implementation of the prioritized projects listed in the finalized Master Plan. Projects to be financed by Japanese ODA and other financial resources will be determined following a master plan survey and in light of both Governments’ priorities,” the MOC states. 

 Japan first made known its commitment to provide technical assistance to the Philippines for the development of Subic and its surrounding communities during the bilateral meeting between President Rodrigo Duterte and Japan Prime Minister Shinzō Abe last November 4 on the sidelines of the 35th Association of Southeast Asian Nations (ASEAN) Summit and Related Summits in Bangkok, Thailand. 

 Abe and Duterte described the Japanese commitment of assistance “as a testament to the deepening strategic partnership between Japan and the Philippines.” DMS