PHILIPPINES: Japan PM Pledges $4.6B to Support PH Economic Dev’t Plan
Japanese Prime Minister Fumio Kishida on Thursday pledged to provide 600 billion yen (USD4.6 billion) in official development assistance (ODA) and private-sector investment to support the Philippines’ economic development plan to become an upper middle-income country by 2025.
Kishida made the announcement in a joint press conference with President Ferdinand R. Marcos Jr. after witnessing the signing of seven bilateral documents and agreements between the two countries at the Prime Minister’s Office in Tokyo.
He said the assistance will be given to the Philippines over two years through March 2024.
The Philippines is currently classified as a lower-middle-income economy by the World Bank.
7 Bilateral Agreements
Meanwhile, Marcos and Kishida witnessed the signing of several bilateral agreements that cover cooperation in infrastructure development, defense, agriculture, and information and communications technology. These agreements are:
— Exchange of Notes on Japanese Official Development Project: North-South Commuter Railway Extension (NSCR) Project (II);
— Exchange of Notes on Japanese Official Development Project: NSCR – Malolos to Tutuban Project (II);
— Loan Agreement for the NSCR Extension Project (II);
— Loan Agreement for the NSCR – Malolos to Tutuban Project (II);
— Umbrella Term of Reference (TOR) on Humanitarian Assistance and Disaster Relief (HADR) Cooperation
— Memorandum of Cooperation (MOC) between the Department of Agriculture (DA) and Ministry of Agriculture, Forestry and Fisheries on Agriculture Cooperation
— MOC in the Field of Information and Communications Technology
In his speech, Marcos said the signing of agreements “further cemented” both countries’ commitment to their strategic partnership.“…After our meeting, I can confidently say that our strategic partnership is stronger than ever as we navigate together the rough waters buffeting our region. The future of our relationship remains full of promise as we continue to deepen and expand our engagements across a wide range of mutually beneficial cooperation,” he said.
Invitation to visit PH
Marcos, likewise, invited Kishida to the Philippines for a “return visit in the very near future.”
He said he also had the honor of being granted an audience with Japanese Emperor Naruhito and Empress Masako and also invited them to visit the Philippines as well.
Marcos is currently in Japan from Feb. 8 to 12 to forge closer bilateral ties and lure more investments.
He earlier emphasized the need for the Philippines and Japan to “revitalize” business partnerships that were somewhat made “dormant” by the Covid-19 pandemic, saying this would contribute to the growth of both their economies.
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