Philippines, Japan sign exchange of notes on two projects

November 21, 2018

The Philippines and Japan on Wednesday signed the exchange of notes on about 206 billion yen in concessional loans for the North-South Commuter Railway and Pasig-Marikina River Channel Improve projects.

During the 6th Philippine-Japan High Level Joint Committee on Infrastructure Development and Economic Cooperation Meeting, Finance Secretary Carlos Dominguez III said the National Economic Development Board approved the two projects last week.

"The NEDA board has just approved the first North-South Commuter Railway extension project and the Pasig Marikina River Improve Channel project phase 4 last week. But today, we are already signing the executive, the exchange of notes for the loans of the said projects," Dominguez said in his opening speech.

"We are making a mark on the history of the Philippines and Japan partnership and development cooperation," he said.

Dominguez said the Exchange of Notes for the Pasig-Marikina River Channel Improvement Project phase IV is 37.905 billion yen loan or approximately $336.24 million and another 167.199 billion yen or about $1.413 billion for the North-South Commuter Railway Extension Project.

He said other documents signed were the contract of general consulting service for the Metro Manila Subway Project Phase 1 between the Department of Transportation and the Japanese consulting firms; the joint venture agreement among Basis Conversion and Development Authority with Japan Overseas Infrastructure and Investment Cooperation for Transport and Urban Development; and the New Clark City.

In less than five months, Dominguez said the government secured two loan agreement which is the 4.376 billion yen supplemental loan for the New Bohol Airport construction and sustainable environment protection project which is now under phase 2 and 3.81 billion yen loan for the MRT3 rehabilitation project.

He said the loan agreement for the Metro Rail Transit Line 3 rehabilitation project has the "shortest" processing time in history.

"Indeed, I'm convinced that through our regular meetings, both governments are prompted to deliver on our commitments and encourage to think of more innovative measures to improve our cooperation and facilitate project implementations," he added.

For the Japanese side, Dr. Hiroto Izumi, Prime Minister Shinzo Abe's special advisor said the High-level Infrastructure Development and Economic Cooperation committee is the driving force towards a strong bilateral relationship between the two countries.

"I would like to express my deep gratitude to the government of the Philippines for hosting the 6th Philippine-Japan High Level Joint Committee on Infrastructure Development and Economic Cooperation Meeting," Izumi said in his speech.

"This committee plays an important role as a driving force for a strong bilateral relation mainly through infrastructure and other cooperation projects," he said.

Izumi said the Japanese government will continue to cooperate with the Philippines through Official Development Assistance projects with "aim for respecting the rule of law, enhancing connectivity for economic prosperity and ensuring peace and stability".

He added Japan will continue to maximize the assistance to Mindanao in accordance with the progress on the peace process.

Dominguez thanked the Japanese government for its support during typhoon Ompong and intention to increase assistance for the peace process.

Other discussed in the meeting were other areas of cooperation such as regional development, information and communication technology, energy, agriculture, environment, public safety including anti-illegal drug measures and maritime safety; disaster prevention and health care.  Ella Dionisio/DMS