Japan is expected to continue to provide technical support for the Philippines’s formulation of a regional development master plan designed to maximize the economic potentials of the Subic Bay Freeport and its surrounding environs.
Finance Secretary Carlos Dominguez III and Special Advisor to the Japan Prime Minister Dr. Hiroto Izumi recently signed a memorandum of agreement at the conclusion of the ninth meeting of the Japan-Philippines Joint Committee on Infrastructure Development and Economic Cooperation, which was held at the Hilton Odawara Resort in the scenic town west of Tokyo.
Under the said agreement, the Subic Bay Regional Development Master Plan may include possible projects in the fields of road network development, logistics terminal development, disaster-risk management and the development of public utilities.
“The Philippine government may require cooperation from Japan, including Official Development Assistance [ODA] and other financial resources, for the implementation of the prioritized projects listed in the finalized master plan. Projects to be financed by Japanese ODA and other financial resources will be determined following a master plan survey and in light of both governments’ priorities,” the agreement states.
Japan first made known its commitment to provide technical assistance to the Philippines for the development of Subic and its surrounding communities during the bilateral meeting between President Duterte and Japan Prime Minister Shinzo Abe last November 4 on the sidelines of the 35th Asean Summit and Related Summits in Bangkok, Thailand.
Abe and Duterte described the Japanese commitment of assistance “as a testament to the deepening strategic partnership between Japan and the Philippines.”