Author Topic: Japan pledges $8.7-billion aid package to PH  (Read 700 times)

adroth

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Japan pledges $8.7-billion aid package to PH
« on: May 07, 2017, 02:43:43 AM »
Japan pledges $8.7-billion aid package to PH
One of the 5 agreements the Philippines and Japan signed is the Memorandum of Cooperation between their coast guards to 'promote maritime safety and security'

Camille Elemia
@CamilleElemia
Published 6:51 PM, January 12, 2017
Updated 7:57 PM, January 12, 2017

http://www.rappler.com/nation/158153-japan-shinzo-abe-billion-aid-package-philippines

MANILA, Philippines – Japanese Prime Minister Shinzo Abe vowed to give the Philippines $8.66 billion (1 trillion yen) in aid, which would be spread over 5 years.

He himself announced this on Thursday, January 12, at Malacañang Palace, as he began his two-day official visit.

The money will come from official development assistance (ODA) and private-sector investments geared toward infrastructure projects such as construction of subways, among others.

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adroth

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Japan plans to provide 42.48-B yen loan to PH
« Reply #1 on: June 24, 2018, 02:25:36 PM »
Japan plans to provide 42.48-B yen loan to PH
By Leslie Gatpolintan  June 22, 2018, 6:55 pm

http://www.pna.gov.ph/articles/1039166

MANILA -- Japan plans to provide official development assistance (ODA) loans of up to 42.48 billion yen (about PHP20.6 billion) for two infrastructure projects, including upgrading the Metro Rail Transit (MRT) 3 railway in Manila, as it strongly supports the sustainable economic development of the Philippines.

Japanese Foreign Minister Taro Kono expressed his country’s intention to extend ODA loan financing, subject to the necessary Japanese and Philippine governments’ approval processes for the projects, during the Japan-Philippines Foreign Ministers’ Meeting held Wednesday in Tokyo.

Kono bared planned total loan provision of up to 38.101 billion Japanese yen for the MRT Line 3 Rehabilitation Project, and provision of up to 4.376 billion yen for the New Bohol Airport Construction and Sustainable Environment Protection Project, to Philippine Foreign Affairs Secretary Alan Peter Cayetano.

“Based on this pledge, the Government of Japan and the Government of the Philippines are scheduled to sign exchange of notes concerning the yen loans in the future,” the Ministry of Foreign Affairs (MOFA) of Japan said in a statement.

In response to a request from the Philippine government, Japan will provide the funds necessary to rehabilitate the MRT Line-3, the 17-kilometer train running the stretch of EDSA with a total of 13 stations.

Japan will utilize its technology to upgrade the line to quality infrastructure, thereby improving the safety and comfort of the railway.

“It is expected that due to the rehabilitation of the MRT 3 Line, approximately twice as many trains as currently will run appropriately by 2022 (two years after the completion of the project), greatly improving their transport volume, alleviating the serious traffic congestion in Metro Manila, and contributing to the alleviation of air pollution and climate change,” it said.

Likewise, Japan offered additional funds for construction of a new airport in Bohol province in a bid to handle the increasing passenger numbers.

“It is expected that due to the construction of the new Bohol airport, the province will be able to handle nearly three times as many aircraft arrivals and departures as before, improving the convenience and safety of air transportation, and contributing to the revitalization and sustainable growth of the region,” added the MOFA of Japan.

During the fifth meeting of the Japan-Philippines Joint Committee on Infrastructure Development and Economic Cooperation also held Wednesday in Tokyo, participants from two countries discussed approaches to cooperating in order to resolve the major challenges the Philippines is addressing.

These include also the rehabilitation of the MRT-3 Line, the Metro Manila subway project, and other infrastructure development projects, as well as assistance to development in Mindanao based on progress of the peace process.

Infrastructure development in Metro Manila and the regions is among the major fields of cooperation identified under Japan-Philippines joint statement on bilateral cooperation for the next five years.

In the joint statement issued during the visit of President Rodrigo Duterte to Japan last October, the Japanese government would strongly support the sustainable economic development of the Philippines by extending quality infrastructure assistance, utilizing its funding and technology to the maximum extent, for developments under “Build, Build, Build” infrastructure program.

Other fields of cooperation between the two countries include energy, creation of employment and improvement of living standards, Mindanao, public safety, information and communications, environment, agriculture, and disaster risk reduction. (PNA)

adroth

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Re: Japan pledges $8.7-billion aid package to PH
« Reply #2 on: July 11, 2018, 03:17:49 PM »
PH securing financing from China to speed up infra projects: Pernia
By Leslie Gatpolintan  February 21, 2018, 9:30 pm

http://www.pna.gov.ph/articles/1026070

MANILA -- The Philippine government is securing financing from China for its infrastructure projects in an effort to fast-track their implementation, according to the country’s chief economist.

During the joint membership meeting of the Makati Business Club and Philippine Chamber of Commerce and Industry on Wednesday, Socioeconomic Planning Secretary Ernesto M. Pernia said China charges the loans with an interest rate of 2 to 3 percent, while that of Japan is only at 0.25 to 0.75 percent

“We cannot get all the loans from the ODA (official development assistance) of Japan. They have to give to other countries as well… Between 2 and 3-percent interest rate is still much better than commercial (loans),” he told reporters.

While the Philippines has long standing good relations with Japan, Pernia noted Japan’s   slowness in the processing of projects.

“We don’t want to be left behind,” he said, stressing China has been aggressive in financing Philippine projects. 

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« Last Edit: July 11, 2018, 03:30:06 PM by adroth »