Japan, Philippines sign loan agreements for Cavite flood control, Manila subway projects

THE PHILIPPINE and Japanese governments signed four loan agreements in Malacañang on Monday as leaders meet for the 31st Association of Southeast Asian Nations (ASEAN) Summit and Related Meetings earlier this week, the Department of Finance said in a statement.

With President Rodrigo R. Duterte and Japan Prime Minister Shinzo Abe witnessing, Finance Secretary Carlos G. Dominguez III and Foreign Affairs Secretary Alan Peter S. Cayetano signed the agreements with Japan International Coordination Agency Chief Representative to the Philippines Susumu Ito, and Japanese Ambassador Kojie Haneda.

These projects are the $142-million Cavite Flood Control project, the $929.1-million Metro Manila Subway Project- Phase 1, the $89-million Plaridel, Bulacan Arterial Road Bypass Project-Phase 3, and the $22.2-million grant for the Economic and Social Development Program.

The Cavite flood management project features a 151.5- square kilometer basin, as well as the improvement of the San Juan River channel and the drainage of Maalimango Creek. The project, targeted for completion by April 2024, is expected to benefit 8,000 households in General Trias, Imus, Kawit, Noveleta and Rosario.

The subway is a 25-kilometer rail line running from Mindanao Avenue in Quezon City to the Ninoy Aquino International Airport in Pasay City, and is expected to be completed in 2025.

The 24.61-kilometer Bulacan Arterial Road Bypass Project meanwhile will link the North Luzon Expressway in Balagtas, Bulacan with the Maharlika Highway in San Rafael, Bulacan.

The Economic and Social Development Program meanwhile includes anti-terrorist equipment for the Philippine Coast Guard, as well as heavy equipment for the rehabilitation program in Marawi City.

The loans were initially agreed by Mr. Abe during his visit in January, extending some ¥1 trillion, or $9 billion in off icial development assistance over the next five years.

Mr. Duterte first met his Japanese counterpart in Tokyo in October last year where he obtained $1.85 billion in investment pledges from Japanese firms.

Mr. Abe was among 20 other world leaders who flew into the Philippines for the Nov. 13-14 ASEAN Summit.

During the ASEAN-Japan Summit on Tuesday, Mr. Abe sought to enhance cooperation with the 10- member region in the areas of maritime security, defense, trade, infrastructure development, counterterrorism, disaster risk reduction and cultural exchanges. Mr. Abe pledged to support ASEAN in upgrading the quality of its infrastructure, industry, and human resources.