MANILA, Philippines — The Japanese government has pledged to maintain its support for the country’s infrastructure development, as well as other areas with potential economic growth.
Finance Minister Benjamin Diokno recently met with Japanese Ambassador to the Philippines Kazuhiko Koshikawa to reaffirm economic ties between the Philippines and Japan.
Diokno said Japan will continue to support the country’s infrastructure program, while Koshikawa expressed optimism about the continuity of the previous government’s flagship build-build-build program.
The Marcos government aims to allocate five to six percent of gross domestic product to infrastructure programs each year.
Aside from infrastructure, Koshikawa pledged to increase cooperation on maritime security, regional development, energy, health, agriculture, space development, and disaster prevention and management in the Philippines.
Currently, Japan is funding several major infrastructure projects such as the Metro Manila Subway, the North-South Commuter Railway project, the MRT-3 rehabilitation, the Dalton Pass East Alignment Alternative Road Project, the Central Mindanao Highway Project, and the Parañaque Spillway. among other.
Japan also supports the development of the Subic Bay master plan and smart city initiatives in New Clark City.
Under the Duterte administration, Japan’s financial contribution to the country reached 1.38 trillion yen, exceeding the 1 trillion yen pledged by the late Prime Minister Shinzo Abe.
Japan is the largest donor of ODA, providing US$10.2 billion in loans and grants at the end of 2021, or 31.8 percent of the country’s total ODA portfolio.