Japan pledges funding for PH projects

Japan has committed to fund two infrastructure projects in Manila costing 205 billion yen following a high-level meeting on Wednesday.

The pledge was expressed through an exchange of notes between the Department of Foreign Affairs and the Embassy of Japan after the Philippines-Japan Joint Committee on Infrastructure Development and Economic Cooperation meeting.

One of the documents covers a 37.905-billion yen (about $336.24 million) loan for the Pasig-Marikina River Channel Improvement Project Phase IV to mitigate frequent massive flooding.

Another exchange of notes is for a 167.199-billion (about $1.413 billion) loan for the first tranche for the North-South Commuter Railway (NSCR) Extension Project that involves extending the railway from Malolos in Bulacan to Clark International Airport in Pampanga and from Solis in Manila to Calamba in Laguna.

Other documents signed after the meeting were the Contract of General Consulting Service for the Metro Manila Subway Project (Phase I) between the Transportation department and Japanese consulting firms and the Joint Venture Agreement between the Bases Conversion and Development Authority, Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development, and Surbana Jurong for the New Clark City project.

“In this latest meeting, both sides confirmed the updated candidate list of projects for consideration and action. This list includes new projects proposed for Japanese loan and grant financing,” Finance Secretary Carlos Dominguez 3rd said in a press conference after the signing.

Dominguez also reported that road construction and expansion projects in northern Luzon and Metro Manila, flood management and drainage improvements, and various components for the development of New Clark City were among the projects discussed for possible financing.

Both sides also reaffirmed their commitment to ensure the start of partial operations of the first phase of the Metro Manila Subway Project by May 2022, he added.

A consortium of Japanese firms has bagged an P11-billion contract to build the subway, Budget Secretary Benjamin Diokno earlier said on Wednesday.

https://www.manilatimes.net/japan-pledges-funding-for-ph-projects/472007/