MANILA, Philippines – Three loan agreements with Japan are set to be formalized this 1st quarter of 2019, said the Department of Finance (DOF).
The Japan International Cooperation Agency (JICA) will be funding the North-South Commuter Railway extension project, the 4th phase of the Pasig-Marikina River Channel improvement project, and the road network development project in Mindanao.
The total loan amount is estimated to be at P108.5 billion.
Philippine and Japanese officials previously agreed to a “fast and sure” approach in projects. (READ: FAST FACTS: PH-Japan relations through good and bad times)
The approach showed effectiveness when the new Bohol airport construction and environmental protection project and the Metro Rail Transit Line 3 rehabilitation were signed in less than 3 months.
Japan is currently the top provider of official development assistance.
As of 2018, loans and grants provided by Japan to the Philippines have amounted to $5.98 billion.
Other projects signed with Japan under the Duterte administration include projects for the Philippine Coast Guard, Cavite flood control, agribusiness-related efforts, the road bypass project in Bulacan, and the 1st phase of the Metro Manila Subway project. – Rappler.com