MANILA -- Finance Secretary Carlos Dominguez III on Wednesday lauded the speedy approval of infrastructure projects to be funded by the Japanese government as well as the processing time for related loans, saying this was born out of greater cooperation between the two countries.
In his opening speech for the 6th Philippine-Japan High Level Joint Committee on Infrastructure Development and Economic Cooperation meeting being held at the Philippine International Convention Center (PICC) Wednesday night, Dominguez said the joint meetings “continue to visibly deliver positive impact on our key infrastructure projects and sectoral cooperation.”
“I am glad to see this Joint Committee has covered and addressed many issues in such a short period of time,” he said.
The first high-level meeting was held in March 2017.
The Finance chief said that during their meeting last June, the Japanese government pledged to provide a JPY 4.376 billion supplemental loan for Phase 2 of the New Bohol Airport Construction and Sustainable Environment Protection Project as well as JPY 38.101 billion loan for the Metro Rail Transit Line 3 Rehabilitation Project.
He said that in less than five months, loans for these two projects have been signed.
Last November 8, Dominguez and Japan International Cooperation Agency (JICA) senior vice president Yasushi Tanaka signed a 38.1-billion-yen loan agreement for the rehabilitation of Metro Rail Transit 3 (MRT 3).
The Department of Finance (DOF) earlier said rehabilitation of the 16.9-kilometer train system along EDSA will cost about PHP21.96 billion and bulk, or PHP18.76 billion, of which will be funded by the official development assistance (ODA) loan from JICA, while the Philippine government's share is PHP3.19 billion.
The rehabilitation will take about 43 months, with the first 26 months to focus on the repair of the entire system, while the remaining time will be for the completion and general overhaul of all the 72 trains.
Dominguez said processing for the loan for MRT 3 rehabilitation is, thus far, the shortest in the Philippine history at less than three months after the NEDA Board gave its approval.
“This underscores the “Fast and Sure” approach we have adopted for our key infrastructure projects,” he said.
“Indeed, I am convinced that through our regular meetings, both governments are prompted to deliver on our commitments and are encouraged to think of more innovative measures to improve our cooperation and facilitate project implementations,” he said
Dominguez also pointed out that the NEDA Board approved the North-South Commuter Railway Extension Project and the Pasig-Marikina River Improvement Channel Project (Phase IV) just last week but the Exchange of Notes for the said loans will be among those to be signed during their meeting Wednesday.
The Philippine government has been in constant communication with the governments of Japan, China and South Korea, among others, as it vies to implement its massive infrastructure program called “Build, Build, Build.”
Under this program, the government plans to invest at least PHP8 trillion to put up infrastructure projects until the end of its term in 2022.
The government has identified 75 priority infrastructure projects like roads, bridges and airports all over the country to ensure that even the far-flung areas will benefit from the continued expansion of the domestic economy. (PNA)
