"This has been a very successful visit, which now opens the way for the restoration of about P4 billion in Japanese grants and loan packages that are vital to our economic development," De Venecia said yesterday in a statement from Tokyo.
He said Finance Minister Sadakazu Tanigaki informed him last Thursday following a 30-minute meeting that the assistance would be restored after the Philippine government pays some P70 million in overdue obligations to Japanese companies.
He said President Arroyo gave the go-signal for the payment before he flew to Japan last Wednesday.
De Venecia also discussed the assistance on Friday with Kyosuke Shinozawa, governor of the Japan Bank for International Cooperation, the source of the aid that the Speaker said the Japanese government suspended in 2001.
"We are now moving to finalize the restoration of the annual yen packages, which are a major source of capital funds for the Philippines with a repayment period of 30 years to 40 years at less than one percent a year," De Venecia said.
"The yen loans could fund massive infrastructure building and various anti-poverty programs leading to the creation of thousands of jobs," he said.
The Tokyo visit is the Speaker’s second trip abroad in as many months. Last month, he visited Spain and Romania.
He is accompanied by wife Gina and Representatives Raul del Mar of Cebu City, Junie Cua of Quirino, Jack Duavit of Rizal and Antonio Diaz of Zambales.
On Friday, the De Venecia couple had a 40-minute private meeting with the Japanese Emperor and Empress at the Imperial Palace. The Speaker and his delegation were scheduled to return to Tokyo yesterday from Nagoya, where they addressed a large Filipino community celebrating "Fiesta in Nagoya."
Since arriving in Tokyo on Wednesday, De Venecia had met with several Japanese officials, including his counterpart, Speaker Yohei Kono at the Japanese Parliament building, and leaders of the Japan-Philippines Parliamentarians Friendship League.
The Philippine delegation’s visit marked 50 years of normalization of diplomatic relations between the Philippines and Japan. Ambassador Domingo Siazon Jr. helped arrange the trip.
"This is a landmark year in our bilateral relations," De Venecia said.