The Japan International Cooperation Agency (Jica) has asked Japan’s so-called megabanks to explore transport infrastructure finance opportunities in the Philippines.
Jica Philippines Chief Representative Noriaki Niwa particularly asked Japanese banks that are diversifying and expanding to explore the Philippines because of growth opportunities in the country.
“Sumitomo Mitsui Banking Corp. has just opened its branch here. It’s one of three megabanks. In fact, all the three megabanks have operations in the Philippines,” he said at the sidelines of the Philippine Economic Briefing held on Wednesday at the Philippine International Convention Center.
The other Japanese banks include Mizuho Bank Ltd., which is eyeing expansion plans in the country, and The Bank of Tokyo–Mitsubishi UFJ Ltd.
Jica aims to enhance connectivity and mitigate traffic congestion and other hazard risk in Metro Manila by working with the government, especially with the Department of Public Works and Highways. “Transport infrastructure development is one of the promising areas for financing by Japanese banks.
Some of the infrastructure development projects are already funded by the Philippine government but with the assistance from Jica,” he told the BusinessMirror. He said the public-private partnership project is another area that the Japanese banks could cover.
“There are lots of opportunities and big potential for growth as the Philippines is shaping its future,” he added.
Niwa presented the road map for transport infrastructure development for Metro Manila and surrounding areas, such as Region 3 and Region 4A, which includes the establishment of road networks and expressways, subways, railways, and other transportation systems up to 2030.
It aims to ease mobility and ensure sufficient infrastructure to meet the requirements of a growing population and rising business activities in the covered areas.