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Manila Bulletin devider Business devider DOF seals ¥377-B Japanese loans

DOF seals ¥377-B Japanese loans

Published Feb 10, 2023 02:07 pm

The Department of Finance (DOF) has signed two loan agreements worth Y377.02 billion, equivalent to P156.08 billion, with the Japanese government for the implementation of the North-South Commuter Railway project and its extension on the sidelines of President Ferdinand R. Marcos Jr.'s visit to Japan.

In a statement on Friday, Feb. 10, the DOF announced that Finance Secretary Benjamin E. Diokno, on behalf of the Philippine government, signed the ¥377.02 billion financing accords in Tokyo for “two landmark projects.”

The P156.08 billion loan will help fund the construction of the North-South Commuter Railway Extension Project and North-South Commuter Railway Phase 1, according to the DOF.

These two infrastructure projects will strengthen the transportation network and alleviate traffic congestion in the country, Diokno added.

Based on the DOF report, the fresh financing for the North-South Commuter Railway Extension Project was a second tranche loan, costing around ¥270 billion, or P111.8 billion.

North-South Commuter Railway Extension Project spans from Malolos to Clark International Airport and from Solis Station in Metro Manila to Calamba Station in Laguna.

Meanwhile, the North-South Commuter Railway Phase 1, between Tutuban in Manila and Malolos in Bulacan, is a supplemental loan worth an estimated ¥107.02 billion, roughly P44.3 billion.

Since 2017, the Governments of Japan and the Philippines have cooperated on the implementation of major infrastructure projects such as the North South Commuter Railway Projects and the Metro Manila Subway Project Phase I.

During the 13th Philippines-Japan High-Level Meeting of the Joint Committee on Infrastructure Development and Economic Cooperation last November, Diokno assured that the Japan-backed infrastructure projects left behind by the Duterte administration will proceed as planned.

Japan is the Philippines’ number one official development assistance partner, whose support has contributed to projects in infrastructure development, investment readiness, disaster risk mitigation and management, food security, education, health, among others.

On Thursday, Feb. 9, the Philippine delegation led by President Marcos, held a roundtable discussion with companies from the semiconductor, electronics, and wiring harness industries in Tokyo to discuss investment matters in the Philippines.

Representatives from Brother Industries Inc.; IBIDEN Co., Ltd.; Japan Aviation Electronics Industry, Ltd.; Murata Manufacturing Co., Ltd.; Nidec Corporation; Panasonic Corporation; Seiko Epson Corporation; Sumitomo Wiring System, Ltd.; TDK Corporation; YAZAKI Corporation; and Yokowo Co., Ltd. attended the discussion.

Representatives from the companies, which have presence in the Philippines, indicated plans to expand operations and ramp up the training and hiring of more Filipino workers in their Philippine-based operations.

Related Tags

DOF North-South Commuter Railway project Department of Finance Finance Secretary Benjamin E. Diokno
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