Philippines: Japan to fund 9 projects worth USD 6.3bn

The National Economic Development Authority has come up with 9 projects worth USD 6.3bn, which Japan will fund.

Picture for representation
Picture for representation Reuters

The National Economic Development Authority (NEDA) has announced that it has identified nine projects worth USD 6.3 billion that Japan is expected to finance

NEDA is a Philippine government agency that serves as the economic development planning arm of the Philippines by formulating development plans to achieve national development.

NEDA Socio Economic Planning Secretary Ernesto Pernia said that they just concluded the senior economic managers meeting with their Japanese counterparts during the Philippine-Japan Committee meeting on Development and Economic Cooperation held this week.

Among the projects included in the financing are Pasig Marikina Channel Improvement Project (Phase IV), Road Network Development Project in Conflict-Affected Areas in Mindanao, Circumferential, Dalton Pass East Alignment Alternative Road Project, Cavite Industrial Area Flood Management Project, Malolos-Clark Railway Project, Mega Manila Subway Project,, Malitubog-Maridagao Irrigation Project, Road 3 Missing Link Project and the Harnessing Agribusiness Opportunities through Robust and Vibrant Entrepreneurship Supportive of Peaceful Transformation (HARVEST).

Pernia also said that more projects will be implemented when the same committee will have the third round of meeting before the year ends.

Moreover, Finance Secretary Carlos Dominguez said that a Japanese technology in shifting television broadcast in the Philippines will be the next project to be included in the third round of meeting. The technology will shift television broadcast in the country from analog to digital like most advance countries are using.

The mode of financing of these projects will adopt the hybrid finance meaning it will use a mixture of Japanese official development assistance through the Japan International Cooperation Agency.

Other projects and areas of cooperation included in the pipeline for the future Philippine-Japan collaboration are in the energy, environment, agriculture, information technology, and disaster prevention.