PH and Japan agree to fast-track projects

By Julito G. Rada

The Philippines and Japan agreed to fast-track the Duterte administration’s infrastructure projects, with the latter signifying its full support to these undertakings.

The Finance Department said over the weekend that high-level Philippine and Japanese officials discussed in Tokyo the timelines and possible plans of action to do away with bottlenecks and swiftly address concerns  on the preparation and implementation of flagship infrastructure projects that the Philippines was undertaking in cooperation with Japan.

A Philippine delegation composed of Cabinet officials and heads of government agencies visited Japan last week.

Finance Secretary Carlos Dominguez III said that during the 5th meeting of the Philippines-Japan Joint Committee on Infrastructure Development and Economic Cooperation, Japanese officials expressed their government’s intention to provide  indicative official development assistance loan financing of about 38.1 billion yen for the MRT Line 3 Rehabilitation Project and an indicative supplemental loan of some 4.37 billion yen for the  second phase of the New Bohol Airport Construction and Sustainable Environmental Protection Project “subject to the necessary Philippine and Japanese Government approval processes.”

Dominguez said he extended the Philippines’ appreciation for Japan’s full support for these projects under the Duterte administration’s ‘Build, Build, Build’ program.

SOURCE: http://manilastandardtoday.com/business/economy-trade/268843/ph-and-japan-agree-to-fast-track-projects.html