Japanese Ambassador Toshinao Urabe and Secretary of Foreign Affairs Alberto F. Del Rosario signed on the exchange of notes for two (2) ODA loans amounting to 54.034 billion yen (approximately 23.183 billion pesos) and two (2) grant aid projects amounting to 1,040 million yen (approximately 446 million pesos) on March 25, 2013 at the Department of Foreign Affairs.
1. Yen Loan Projects
(a) “Capacity Enhancement of Mass Transit Systems in Metro Manila Project”
This project, amounting to 43.252 billion yen (approximately 18.557 billion pesos) enhances the capacity of LRT line1 and line2 with the acquisition of new coaches, improvement of current facilities related to LRT Line1 south extension and extension of LRT Line2, and thereby contributing to the mitigation for road congestion in Metro Manila, air pollution and climate change.
(b) “New Bohol Airport Construction and Sustainable Environment Protection Project”
This project, amounting to 10.782 billion yen (approximately 4.626 billion pesos) improves convenience and safety in air transportation with the construction of the new airport in Panglao island to replace the existing Tagbilaran airport whose number of passengers has been increasing rapidly, and thereby contributing to sustainable development in the area.
(2) Grant Aid Projects
(a) “Mini-Hydro power Development Project in the Province of Ifugao”
This project, amounting to 893 million yen (approximately 383 million pesos) is to construct mini-hydropower plant (810kW) in Ifugao Province. Through this project, it is expected to promote usage of domestic resources of renewable energy, to sustain rice terrace conservation and to CO2 reduction.
(b) “Mini-Hydro power Development Project in the Province of Isabera”
This project, amounting to 147 million yen (approximately 63 million pesos) is to construct micro-hydropower plant (45kW) utilizing the existing irrigation system in Isabela Province. Through this project, it is expected to promote usage of domestic resources of renewable energy, to contribute to energy diversity and to CO2 reduction.
Yen Loan projects (1) (a) and (b) will support the efforts by 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, from the viewpoint of the improvement of traffic and transportation network.
Grant aid projects (2) (a) and (b) are in line with financial assistance aiming to accelerate developing countries measures against climate change. Japan will cooperate with the Philippines in the issue of climate change for pursuing a fair and effective international framework with the participation of all major emitters.
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.
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