Japanese Ambassador Makoto Katsura and Secretary of Foreign Affairs Alberto Romulo signed and exchanged notes on April 26, 2010 at the Department of Foreign Affairs in Pasay City for an ODA loan that will finance the rehabilitation of infrastructure damaged by Tropical Storm Ondoy and Typhoon Pepeng.
The signing and exchanging of notes officially marked the appropriation of approximately 9.9 billion yen (approximately 5 billion pesos) from the Government of Japan, through the Japan International Cooperation Agency (JICA), for the Post Ondoy and Pepeng Short-Term Infrastructure Rehabilitation Project. With an interest rate of 0.01% per annum and a 40-year repayment period with a 10-year grace period, this yen loan provides the most concessional terms among various funding sources.
Tropical Storm Ondoy and Typhoon Pepeng hit the Philippines last September and October 2009, causing severe damages including 10 million victims and over 900 deceased. The project will carry out repairs and reinforcement of damaged overpass bridges as well as flood control facilities that were destroyed or eroded, particularly in Luzon, Mindoro and Palawan Islands, the areas that were severely affected by Ondoy and Pepeng. The Japanese loan is expected to improve the living environment of the victims by promoting the early economic recovery in the affected areas and to help prevent future disasters.
This project contributes to counter-measures against intensifying natural disasters in developing countries vulnerable to the adverse impacts of climate change, and is carried out under the “Hatoyama Initiative”. Japan is aiming for the establishment of a fair and effective framework by all major countries, and agreement on their ambitious targets. Japan will continue cooperating with the Philippines in the field of climate change, including encouragement by Japan towards the association of the Philippines with the “Copenhagen Accord”.
The Government of Japan has consistently assisted the Government of the Philippines in recovering from crisis situations such as this as manifested in previous assistance delivered in the wake of recent typhoons and other disasters that struck the Philippines. This project will certainly assist the Philippines' nation-building efforts and enhance further the strategic partnership between the two countries.
Speech of Ambassador Makoto Katsura
Japanese Version
