Japanese Ambassador Toshinao Urabe and Secretary of Foreign Affairs Albert F. Del Rosario signed and exchanged notes on October 5, 2012 in Manila for an Official Development Assistance (ODA) loan that aims to improve the Business Climate of the Philippines.
The signing and exchanging of notes officially marked the appropriation of 7,775 million yen (approximately 100 million US dollars) from the Government of Japan, through the Japan International Cooperative Agency (JICA), for the “Development Policy Support Program-Investment Climate (DPSP-IC).”
T hi s Program is co-financed with the Asian Development Bank (ADB) and intended to support the accomplish ment s of ma jor policy actions for the improvement of business environment such as the resolution of VAT refund issue, supply of affordable and stable electricity , improvement of customs procedures and infrastructure development. These accomplishment s are expected to strengthen the competitiveness of the Philippines and bring in more investments to the country .
The Improvement of business environment in the Philippines will help the country to achieve inclusive growth with further investments, more job opportunities and poverty reduction, as envisaged in “Philippine Development Plan 2011-2016.”
Since the entry into force of the Japan-Philippines Economic Partnership Agreement (JPEPA) in December 2008, Japan and the Philippines have been further strengthening economic partnership. The Government of Japan will continue to support the improvement of business environment in the Philippines towards its inclusive growth.
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.
Speech of Ambassador Toshinao Urabe
