Japanese Ambassador Makoto Katsura and Secretary of Foreign Affairs Alberto Romulo signed and exchanged notes for two (2) ODA loans and one (1) grant aid project on June 18, 2009, at the Office of the Prime Minister of Japan in Tokyo. The ceremony was witnessed by Prime Minister of Japan Taro Aso and President of the Republic of the Philippines Gloria Macapagal-Arroyo.
The ODA loan, Agricultural Credit Support Project, amounting up to 14 billion 608 million yen (approximately 7 billion 193 million pesos), aims at increasing investments, creating new job opportunities and improving agricultural productivity in the rural areas by providing mid- and long-term loan funds from the Land Bank of the Philippines (LBP) to farmers and fisherfolks, small and medium companies, and large agribusiness enterprises.
The other loan, Logistics Infrastructure Development Project, amounting up to 30 billion 380 million yen (approximately 14 billion 959 million pesos), aims to improve the Philippines' key logistics infrastructures by supplying private companies, LGUs and other entities with mid- and long-term finance through the Development Bank of the Philippines (DBP).
These loans also include provision of technical assistance to LBP, DBP and private financial institutions, as well as the end-users, especially with respect of formulation and evaluation of sub-projects under the loans.
The grant aid, Project for Flood Disaster Mitigation in Camiguin Island , with the total grant amount of 1 billion 13 million yen (approximately 499 million pesos), aims to rehabilitate a bridge and construct sabo dams, barriers to prevent landslides, in Camiguin Island, which was severely hit by typhoon Nanang in November 2001. The project is expected to improve accessibility and to enhance disaster mitigation capabilities, and thus to serve as a disaster mitigation model in the Philippines. The project is in line with the continuous support to Camiguin Island on disaster management by the Japanese Government including the creation of hazard mappings.
Japan is the largest ODA donor country to the Philippines and has been a long-time partner in various fields ranging from infrastructure, poverty reduction, sustainable economic growth, regional development and so forth. The Government of Japan wishes to enhance further the ties of cooperation between the two countries.
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