DOF explores Japan financing, tech support

Published January 10, 2020, 12:00 AM

by manilabulletin_admin


The Department of Finance (DOF) will explore more opportunities to tap additional financing and technical support from Japan as the government intends to accelerate the implementation of its infrastructure program.

Finance Secretary Carlos G. Dominguez III said that the government is looking forward to more frequent consultations with the Japanese government in the coming period, as the Philippines continues on the path to rapid and inclusive economic growth.

Dominguez told Japanese Foreign Affairs Minister Toshimitsu Motegi during their bilateral meeting at the DOF headquarters yesterday that Japan has been “a steady force in (the Philippines’) economic and development journey.”

“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.

Motegi, in response, said the relationship between the Manila and Tokyo is now at a “golden age” where both countries continue “to enjoy broad-based and multi-layer development, including in the economy, infrastructure development, security, and people-to-people exchanges.”

He also expressed his condolences and sympathies to the victims of last year’s earthquake in Mindanao and offered Japan’s support, knowledge and experience in disaster response and risk reduction.

“Under the recently launched Overseas Loan and Investment Initiative for ASEAN, we are ready to newly mobilize $3 billion from public and private sectors over the next three years, including a total of $1.2 billion in overseas loans and investments for ASEAN by JICA (Japan International Cooperation Agency),” Motegi said.

“Let us continue to jointly discuss how to formulate development projects that can be the subject under this initiative,” he added.

Motegi also reiterated Japan’s support for the Philippines’ “Build, Build, Build” program and welcomed the “great progress” on infrastructure development cooperation between the two countries.

He also stressed that “support for Mindanao is another major pillar of Japan’s cooperation” with the Philippines and offered support for the development of the new Bangsamoro Autonomous Region in Muslim Mindanao.