Japan has pledged to extend technical assistance for the development of the Subic Bay Freeport Zone and its surrounding areas, according to the Department of Finance (DOF).
In a statement, the DOF said Japan Prime Minister Shinzo Abe has conveyed Japan’s commitment to provide assistance in crafting a master plan for the regional development of Subic Bay.
This happened during their bilateral meeting on Monday on the sidelines of the 35th Association of Southeast Asian Nations (ASEAN) Summit in Bangkok, Thailand.
“The two leaders affirmed that the Japanese assistance is a testament to the deepening strategic partnership between Japan and the Philippines,” the DOF said.
According to the DOF, the proposed master plan would outline possible projects in Subic Bay and its surrounding areas, particularly in the fields of road network development, logistics terminal development, disaster risk management and other public utilities development.
Japan remains to be the top provider of official development assistance (ODA) loans and grants to the Philippines, totaling $8.26 billion as of December 2018. This accounts for 46 percent of the country’s total ODA loan portfolio.
Since 2016, the DOF said Manila and Tokyo have signed 10 loan agreements, which provide Japanese funding support for big-ticket infrastructure projects under the Duterte administration’s Build Build Build program. (Mary Grace Padin, Philippine Star)
PHOTO:
Philippine President Rodrigo Duterte and Japanese Prime Minister Shinzo Abe.
https://www.philstar.com/business/2019/11/08/1966831/japan-pledges-assistance-subic-bay-master-plan
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