Philippines looks forward to greater cooperation with Japan

MANILA, Philippines — The Philippines is looking forward to increased cooperation with Japan as it seeks to accelerate the implementation of its massive infrastructure program this year, the Department of Finance (DOF) said.

In a meeting with Japanese Foreign Minister Toshimitsu Motegi, Finance Secretary Carlos Dominguez said the Philippines sees more opportunities for cooperation with Japan, particularly in infrastructure development.

“As our ambitious Build Build Build infrastructure program accelerates this year, we see more opportunities for financing and technical support from the government of Japan,” Dominguez said during his opening speech.

The two officials met on Thursday to discuss new areas of cooperation between Manila and Tokyo.

“We likewise look forward to continuing our comprehensive partnership with the Asian Development Bank with the support of incoming president Masatsugu Asakawa,” he said.

Dominguez said the Philippine government is eager to maintain the pace of the country’s economic growth, especially with increased cooperation with Japan.

“As we mark our own economy’s rapid progress, I look forward to more frequent consultations with the government of Japan in the coming period,” he said.

According to Dominguez, Japan has become the country’s leading source of official development assistance over the past years.

He said Japan’s aid enabled the government to complete some vital infrastructure projects, such as the Japan-Philippines Friendship Highway.

The finance chief also said that both governments had already signed 10 loan agreements since President Duterte assumed office in July 2016.

These include the $985.3 million loan for the Metro Manila Subway Project Phase 1, the $143.24 million funding for the North-South Commuter Railway Extension Projects, the Y38 billion financing for the Metro Rail Transit Line 3 Rehabilitation Project, and the $202.04 million loan agreement for the construction and improvement of roads in Mindanao’s conflict-affected areas, including Marawi City.