CLARK FREEPORT ZONE, Pampanga, June 19 (PIA) -- Philippines signed Tuesday evening a loan agreement with the government of Japan for a US$202.04 million or Y21.9 billion loan for the road network development project in conflict affected areas in Mindanao.
"This involves the construction, rehabilitation, and improvement of 176.6 km of roads linking the Bangsamoro Autonomous Region in Muslim Mindanao to the trade centers of Mindanao," Finance Secretary Carlos Dominguez III told reporters at the conclusion of the 8th High Level Meeting of the Philippines-Japan Joint Committee on Infrastructure Development and Economic Cooperation held in Clark.
"Our discussions covered broad areas of Philippines-Japan sectoral cooperation including regional development, information and communications technology, energy, environment, public safety, disaster prevention, and peace building initiatives in Mindanao. Both sides also discussed the strategy for future cooperation and considering the Philippines will soon graduate to upper middle-income country status by end of this year or in 2020," the cabinet official furthered.
Both the Philippines and the Japanese delegation agreed on five points. First, to maintain close coordination to resolve pending issues and revisit certain procedures in order to deliver fast and sure action towards achieving timelines.
"Second, we will work towards signing a supplemental loan for the ongoing Davao City Bypass Construction Project within this year and three more loan accords for the New Mactan Bridge Construction Project in Cebu, the second phase of the Metro Manila Priority Bridges Seismic Improvement Project, and the second tranche for the first phase of the Metro Manila Subway Project," he said.
Third, both countries will review the progress of the Philippine Railway projects that will be rolled out in cooperation with Japan and committed to continue consultation to accelerate implementation and to address all the challenges.
Fourth, the Japan International Cooperation Agency will conduct feasibility studies for the Dalton Pass East Alignment Alternative Road Project and Circumferential Road 3 Missing Link Project later this year.
"And lastly, Japan affirmed its commitment to provide additional assistance for the rehabilitation and reconstruction of the most affected area in Marawi City," Dominguez said.
Dominguez and Economic and Planning Secretary Ernesto Pernia chaired the Philippine side while Dr. Hiroto Izumi, Special Adviser to Prime Minister Shinzo Abe, led the Japanese delegation during the meeting. (CLJD-PIA 3)