Monday, March 25, 2013

Japan to finance P467-B Philippines infra projects

The government of Japan will finance P466.52 billion worth of infrastructure projects in the Philippines.

Foreign Affairs Secretary Albert del Rosario and Japanese Ambassador to the Philippines, H.E. Toshinao Urabe, signed and exchanged notes on 4 projects on Monday, March 25.

Japan will help finance two yen loan projects -- a mass transit and an airport -- while the two grant aid projects are focused on mini-hydropower development in Northern Philippines. The projects are:

Capacity Enhancement of Mass Transit Systems in Metro Manila - P18.56 billion
New Bohol Airport Construction and Sustainable Environment Protection Project - P4.63 billion
Mini-Hydropower Development Project in the Province of Ifugao - P380.67 million
Mini-Hydropower Development Project in the Province of Isabela - P62.66 million
The Capacity Enhancement of Mass Transit Systems in Metro Manila includes the development of the Light Rail Transit (LRT) Line 1 South Extension and LRT Line 2 East Extension projects. The New Bohol Airport Project involves the construction of a new airport compliant with international standards in Panglao Island.

Japanese Foreign Minister Fumio Kishida earlier conveyed the Japanese government’s decision to extend yen loans for these projects during his visit in the Philippines last January 10. These projects will be implemented by the Department of Transportation and Communications.

The mini-hydropower development projects in the provinces of Ifugao and Isabela are part of the Department of Energy’s program to develop renewable energy resources for energy sustainability, stability and security. Hydropower is an attractive alternative source of electricity because of its minimal impact on the environment.

These official development assistance projects on infrastructure development form part of the economic pillar of the Philippines-Japan Strategic Partnership. Japan continues to be the country's top source of ODA loans.-Rappler (March 25, 2013)

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