The Philippines and Japan have formalized over ₱65 billion worth of loan agreements to support major infrastructure developments and climate-related initiatives across the country.
Finance Secretary Ralph Recto and Japan International Cooperation Agency (JICA) chief representative Baba Takashi led the signing ceremony yesterday in Manila during the 15th Philippines-Japan High-Level Joint Committee Meeting on Infrastructure Development and Economic Cooperation.
Among the five key projects receiving funding is the third phase of the Davao City Bypass Construction, which will feature a 45.5-kilometer four-lane road, including the country’s first long-distance mountain tunnel. This ₱17.67-billion project is expected to improve travel and boost trade in Mindanao.
Also signed was a ₱17.45-billion loan for the final phase of the Pasig-Marikina River Channel Improvement project. This will strengthen flood control systems in Metro Manila through structural upgrades like dikes, floodgates, and channel dredging.
In support of the country’s climate goals, Japan is providing ₱13.35 billion for the Climate Change Action Program, while ₱11.44 billion will go to the Build Universal Health Care initiative aimed at improving health services nationwide.
The Cavite Industrial Area Flood Risk Management project will also receive ₱5.52 billion to help reduce flood risks in key economic zones.
Japan reaffirmed its long-term support for the Philippines’ “Build Better More” program and expressed readiness to assist in more large-scale ventures, including the Metro Manila Subway, North-South Commuter Railway, and flood control infrastructure in Davao and Central Luzon.
