1 Japanese Ambassador Kazuhide Ishikawa and Foreign Affairs Secretary Albert F. Del Rosario exchanged notes for two (2) yen loan projects amounting to 33.689 billion yen (approximately 12.377 billion pesos) on August 25, 2015 at the Department of Foreign Affairs (DFA) of the Philippines. On the same day, President of JICA Akihiko Tanaka and Secretary of Finance Cesar V. Purisima signed the loan agreements for the two yen loan projects. Secretary of Public Works and Highways Rogelio L. Singson also attended the ceremony. The two yen loan projects were announced by Prime Minister Shinzo Abe during the state visit of President Benigno S. Aquino last June 2015.
2 The signed projects focus on improvement in the fields of transportation, disaster risk reduction and development of Mindanao.
(1) Davao City Bypass Construction Project (South and Center Sections) (23.906 billion yen (approximately 8.783 billion pesos))
This project aims to improve transport logistics and mitigate traffic congestions by constructing about 30km bypass road including a long-tunnel structure in Davao City, the biggest economic center of Mindanao Island. Japan, as one of the leading countries in tunnel construction technology, will fully support this first long-tunnel construction project in the Philippines.
(2) Metro Manila Priority Bridges Seismic Improvement Project (9.783 billion yen (approximately 3.594billion pesos))
This project aims to strengthen the resilience of transport network in the occurrence of large-scale earthquakes by replacing / reinforcing two major bridges in Metro Manila and contribute to a more secure and sustainable economic development in the capital of the Philippines. Japanese technology and experience of seismic countermeasures is going to be utilized in this project.
3 These projects will support the efforts of the Philippine Government and the Filipino people in achieving “Inclusive Growth,” as described in the “Philippine Development Plan 2011-2016” issued by the Philippine Government, in terms of improvement of infrastructure, disaster risk reduction, and peace and development. Japan believes that these projects will strengthen not only the friendship between the peoples of Japan and the Philippines, but also the existing strategic partnership between Japan and the Philippines.
- JICA Philippine Office
* JPY-PHP Exchange Rate = 0.3674 (2015 July Average)
* * *