Japan pledges 1 trillion yen for Philippine infrastructure

Japan pronounced Thursday it would provide 1 trillion yen ($8.7 billion) in aid and investments to help the Philippines improve its infrastructure for the next five years.

In his official state visit in the Philippines, Japanese Prime Minister Shinzo Abe himself pledged the amount affirming the strong economic ties between the two Asian countries.

“For the further development of the Philippines, we will create business opportunities through ODA (official development assistance) and private sector investments, which together will be of the order of one trillion yen over the next five years,” Abe said in a joint press conference with Duterte.

“We will leverage Japanese technology and know-how to the fullest extent to positively cooperate for the improvement of infrastructure in Metro Manila and the whole of the Philippines,” the Prime Minister added.

In October last year, Duterte went to Japan for an official state visit where he was able to bring home $1.8 billion in business deals for the Philippines. 

 

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Source: Rappler and ABS-CBN News