Business World

Conflict-affected Mindanao areas to get $202-M Japan aid for roads

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DAVAO CITY — Japan, the Philippine­s’ biggest official developmen­t assistance (ODA) source, has committed a fresh $202-million fund for a road network project in conflictaf­fected areas in Mindanao as the two countries’ foreign ministers met on Sunday to discuss expanded bilateral tries.

“We reaffirmed the strength of our strategic partnershi­p… From there we proceeded to examine our cooperatio­n in defense, maritime security, infrastruc­ture developmen­t, human resource developmen­t, health, disaster risk reduction and management, and people-to-people exchanges — in each case reaching understand­ings and making commitment­s to specific undertakin­gs,” Philippine Foreign Affairs Secretary Teodoro L. Locsin, Jr. said in a joint press conference at the Marco Polo Hotel here.

Mr. Locsin said special focus was given to Mindanao, where a new Bangsamoro region — covering the poorest and most restive areas in the southern islands — is set to be formed with the recent ratificati­on of the Bangsamoro Organic Law (BOL).

“Japan welcomes the ratificati­on of the Bangsamoro Organic Law… Japan has been a consistent support of the Mindanao peace process for more than 10 years,” said Japanese Minister of Foreign Affairs Taro Kono, who also met Saturday with President Rodrigo R. Duterte here and was to inaugurate the upgraded Japanese Consulate General in Davao City Sunday evening as part of his three-day official visit.

Last week, ceremonial groundbrea­king was held in war-torn Marawi City for the P970-million road rehabilita­tion projects under a Japanese government grant and a shelter and livelihood project supported by the Japanese government and the United Nations Human Settlement­s Programme.

“On a broader level, we agreed to sustain and further strengthen economic cooperatio­n… Japan is the number one source of ODA, she is our largest investor, our second-biggest trading partner, and our fourth-largest tourism market,” Mr. Locsin noted.

“Our economic cooperatio­n is mutual; we recognized the space that exists for the Philippine­s to contribute to Japan’s own ongoing economic revitaliza­tion. In this world of interconne­cted economies, Japanese participat­ion in Philippine progress helps drive Japan’s growth.”

As of end-September 2018, loans and grants from the Japanese government reached $5.977 billion, accounting for 41.2% of the Philippine­s’ official ODA, according to the National Economic and Developmen­t Authority.

In terms of trade, Japan was third after the United States and Hong Kong in terms of export value at $8,789 billion, accounting for 14% of total foreign sales of Philippine goods in the 11 months to November.

Finance Secretary Carlos G. Dominguez III, meanwhile, announced that the 7th Philippine-Japan high-level meeting will be convened in Osaka “later this month.”

He noted that with the “‘Fast and Sure’ approach that this administra­tion has adopted together with Prime Minister Shinzo Abe’s administra­tion, we have processed loan approvals for majority of the infrastruc­ture projects we are undertakin­g with Japan in just an average of three to four months.”

“This demonstrat­es our shared commitment to work closely to ensure that the Filipino people get to benefit from these projects at reasonable costs and at the soonest possible time,” Mr. Dominguez said before a separate bilateral meeting with Mr. Kono Saturday afternoon.

MARITIME SECURITY

Meanwhile, the two foreign ministers also stressed the renewed commitment to maritime security in the region.

“Our bilateral security cooperatio­n is advancing well, including the transfer of defense equipment and the conducting of joint exercise. Today, we share the view that we resume Japan-Philippine politicalm­ilitary dialogue and the maritime dialogue,” Mr. Kono said.

“Japan will stay our steady partner in strengthen­ing our defense capabiliti­es as we modernize our armed forces and bolster maritime security in the region,” Mr. Locsin said.

“This particular area of cooperatio­n does not exist in a vacuum; it takes place in the context, and under the intense pressures of the larger regional security situation.”

 ??  ?? ROADS, like this foreign-funded one in central Mindanao, are key to supporting economic activity.
ROADS, like this foreign-funded one in central Mindanao, are key to supporting economic activity.

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