His Excellency ALBERTO G. ROMULO,
Secretary of Foreign Affairs
Honorable Undersecretary RAFAEL C. YABUT,
Department of Public Works and Highways
Distinguished Guests,
Ladies and Gentlemen:
It is a great honor for me to sign and exchange Notes today, together with His Excellency, Mr. Alberto Romulo, for the Road Upgrading and Preservation Project.
The project is Japan's first ODA loan project for the Philippines under the Aquino Administration. It was pledged at the first meeting between H.E. Naoto Kan, Prime Minister of Japan and H.E. Benigno S. Aquino III, President of the Republic of the Philippines, in Hanoi, Vietnam on October 29, 2010, with the presence of H.E. Secretary Romulo. It attests Japan's continued commitment to supporting the Philippine Government's development efforts under the leadership of President Aquino.
By extending this ODA loan we signed today, valued at approximately 40.8 billion yen (approximately 21.4 billion pesos), the Government of Japan firmly associates itself with the Government and people of the Philippines in pursuing their development objectives.
We hope that this project will assist the Philippines in improving nationwide arterial roads and strengthening the road maintenance and management capability of the Department of Public Works and Highways.
In closing, I would like to express my sincere hope that this project as well as other Japanese ODA projects will further strengthen the cooperative ties between the peoples of Japan and the Philippines and foster a strategic partnership between our two nations towards the future.
Thank you very much for your attention.
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Embassy of Japan in the Philippines