THE Japanese government is extending a P2.2-billion loan to the Philippines to strengthen two Metro Manila bridges.
Japanese Foreign Ministry Spokesman Masato Ohtaka told reporters in a recent briefing this was part of the bilateral talks between Japan Prime Minister Shinzo Abe and President Duterte.
The amount will cover the Guadalupe and Lambingan bridges. Ohtaka said this will contribute to the “Build, Build, Build” program of the government and help strengthen public infrastructure in preparation for the “big one.”
“Prime Minister Abe mentioned the additional loan regarding the strengthening of the bridge in Manila against the earthquakes. This is the project that Japan will be helping Manila through loans and will be helpful in supporting the BBB campaign,” Ohtaka said.
The two leaders met in Thailand where they attended the 35th Association of Southeast Asian Nations (Asean) Summit and Related Summits last week.
Apart from the loan, the Department of Finance said the Japanese government has also pledged to extend technical aid for the Subic master plan.
The proposed master plan will outline possible projects in Subic Bay and its surrounding areas in the fields of road network development, logistics terminal development, disaster risk management, and other public-utilities development.
Japan remains the top source of Official Development Assistance to the Philippines, accounting for $8.26 billion, or 46 percent of the country’s total ODA loan portfolio.
In April, Japanese steel company Taiyo Subic Philippines Corp. was reported to invest P392.5 million for the Subic factory to produce gear parts for industrial robots and specialty steel products for other companies here and abroad.
The new company has located in Subic to engage in the business of importation and exportation of special steel materials, and manufacturing of parts for use in the automobile industry, industrial machineries, plant machineries and information technology.
“This only goes to show the continuing confidence among Japanese investor-companies in Subic.” Subic Bay Metropolitan Authority Chairman and Administrator Wilma T. Eisma said.
Over 10 loan agreements providing Japanese funding support for several big-ticket infrastructure projects under the Duterte administration’s Build, Build, Build program have been signed between Manila and Tokyo since 2016.
Cai U. Ordinario and Jove Moya