THE COUNTRY’S economic team and its Japanese counterpart moved to streamline infrastructure implementation as they firmed up the list of Japan-funded projects during their second High Level Joint Committee and Infrastructure Development and Economic Cooperation meeting on Friday.
“Both sides have made significant progress in finalizing the list of flagship cooperation projects in the Philippines for funding by Japan and identifying several others for possible Japanese financing, in step with the intensified public investment program of the Duterte presidency,” Finance Secretary Carlos G. Dominguez III said in his opening statement at a press briefing after the meeting.
“Both sides have also discussed plans and actions to be undertaken in a mutually agreed schedule that will ensure the swift implementation of big-ticket projects,” said Mr. Dominguez, who heads the Philippine government’s economic team.
The meeting was attended by chiefs of the National Economic Development and Authority, Department of Budget and Management, Department of Public Works and Highways, Department of Transportation, and the Bases Conversion and Development Authority (BCDA). Attendees on the Japanese government’s side included Hiroto Izumi, special advisor to Japan Prime Minister Shinzo Abe, and other high-ranking officials.
This was the second meeting between the two nations, with the first conducted in Tokyo last March where the Philippine delegation pitched its list of infrastructure projects.
“The overall theme speed in processing and implementation of these projects, how much traction does this theme take hold,” said Socioeconomic Planning Secretary Ernesto M. Pernia.
Mr. Pernia said nine projects were reviewed, namely the P2.05 billion Harnessing Agribusiness Opportunities through Robust and Vibrant Entrepreneurship Supportive of Peaceful Transformation project; the P214 billion Mega Manila Subway; the P93.37 billion Malolos-Clark railway; the P9.8 billion Cavite Industrial Area Flood Management; the P4.01 billion Dalton Pass East Alignment Alternative Road project; the Malitubog-Maridagao Irrigation Project, Stage 2; the Road Network Development Project in Conflict-Affected Areas in Mindanao; the Circumferential Road 3 Missing Link project; and the Pasig-River Marikina Channel Improvement project phase four.
Collectively, the nine projects, which will be funded through loans from the Japan International Cooperation Agency (JICA) mixed with funds from other multilateral lenders, are worth an initial P315.42 billion, or $6.289 billion.
However, this is a shorter list compared to the initial 14 projects proposed in the first meeting.
Mr. Pernia said the list will still be subject to changes in the upcoming meeting, which has yet to be scheduled.
The third meeting will seek to finalize the list of projects before it is signed by the Philippines’ and Japan’s heads of states in November during the Association of Southeast Asian Nations (ASEAN) Summit and Related meetings.
“Both sides have decided to continue holding expert-level consultations to address issues pertaining to proposed railway projects and to pinpoint solutions to ensure the smooth implementation of these ventures,” said Mr. Dominguez.
On top of the listed projects, both countries also discussed possible participation in the power, environment, agriculture, information and communications technology, and disaster prevention and preparedness sectors.
The economic managers said the partnership signal rejuvenated relations between Manila and Tokyo as part of President Rodrigo R. Duterte’s foreign policy rebalancing.
Also, during the meeting, the BCDA and the Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development (JOIN) signed the memorandum of cooperation for the Clark Green City project to firm up the financing commitment made last March.
JOIN earlier said it will provide an initial $2 million for the project, or 55% of the total cost, while the BCDA will shoulder the rest. — E.J.C. Tubayan
