Manila: Finance Secretary Ralph Recto has successfully secured significant financial backing from Japan for various infrastructure projects, as well as health and climate change initiatives during a high-level meeting between the Philippines and Japan.
According to Philippines News Agency, the Department of Finance (DOF) announced that the meeting took place at the Bureau of the Treasury office, with senior Japanese officials led by Dr. Mori Masafumi, Special Advisor to the Japanese Prime Minister, in attendance. This gathering marked the 15th Philippines-Japan High-Level Joint Committee Meeting on Infrastructure Development and Economic Cooperation, aimed at expediting the implementation of Japan-supported projects in the Philippines.
Recto, alongside National Economic and Development Authority Secretary Arsenio Balisacan, represented the Philippine delegation. During the meeting, Recto and Japan International Cooperation Agency (JICA) Country Chief Representative Baba Takashi signed five pivotal financing agreements.
The DOF revealed that Japan will finance several key projects, including the JPY46.34 billion (PHP17.67 billion) Davao City Bypass Construction Project, intended to enhance mobility and economic growth in Mindanao through a 45.5-kilometer four-lane bypass road. Additionally, Japan will allocate JPY45.76 billion (PHP17.45 billion) for the Pasig-Marikina River Channel Improvement Project, Phase IV, to bolster flood management in Metro Manila through infrastructure improvements like dikes, revetments, and flood gates.
Furthermore, the Cavite Industrial Area Flood Risk Management Project will receive JPY14.48 billion (PHP5.52 billion) to reduce flood damage in critical areas. The Climate Change Action Program, Subprogram 2, valued at JPY35 billion (PHP13.35 billion), will support climate adaptation and disaster preparedness initiatives. Japan will also provide JPY30 billion (PHP11.44 billion) for the Build Universal Health Care, Subprogram 2, aimed at enhancing access to quality health services.
The Japanese government reiterated its commitment to support the Marcos administration’s Build Better More program and other priority initiatives. Discussions also covered the progress and strategies to expedite the implementation of major projects, including the Metro Manila Subway, North-South Commuter Railway, and the Metro Rail Transit Line 3 Rehabilitation Project.
Additionally, Tokyo is exploring support for several other projects, such as the Central Mindanao High Standard Highway and the Flood Control and Drainage Project in Davao City. Updates on the Mindanao peace process and cooperation in disaster risk reduction, maritime safety, and energy transition were also discussed.
The Philippine government presented future infrastructure development prospects, emphasizing Public-Private Partnership integration and Official Development Assistance financing.
