Phl gets concessional loans from JICA: P7.94 B to fund PCG’s maritime safety capability improvement

MANILA, Philippines - The Philippines has obtained concessional loans amounting to around P7.94 billion from the Japan International Cooperation Agency (JICA) that would fund the maritime safety capability improvement project for the Philippine Coast Guard.

The loan agreement was signed  by Finance Secretary Cesar V. Purisima and JICA president Akihiko Tanaka last week.

Under the agreement, JICA will provide loans amounting to P7.94 billion to the Philippines to support the acquisition of ten 40-meter maritime vessels for the Department of Transportation and Communications-Philippine Coast Guard.

The project is aimed at further strengthening and developing PCG’s coast watch/patrol and search and rescue capabilities to enhance its capacity in complying with the country’s international commitments on maritime safety and security and maritime environmental protection.

The risk of maritime accidents in the Philippines has increased in recent years due to the surge in passenger and freight transport movements between islands, aging and overweight vessels,  and natural disasters.

The Japanese government has consistently been one of the top ODA Development Partners of the Philippines for several large-scale infrastructure projects which include the capacity enhancement of mass transit systems in Metro Manila  which involves the expansion of existing lines of LRT 1 and LRT 2 as well as the new Bohol airport construction and sustainable environment protection project which will replace the existing Tagbilaran Airport.