The Philippines and Japan have signed five loan agreements totaling over PHP65.19 billion to support major infrastructure and development projects. The agreements were formalized at the 15th High-Level Joint Committee Meeting on Infrastructure Development and Economic Cooperation in Manila, with officials from the Department of Finance (DOF), Japan International Cooperation Agency (JICA), and other key agencies in attendance.
The loans will finance projects aimed at climate resilience, flood risk mitigation, transportation efficiency, and healthcare expansion. Key initiatives include the PHP17.65 billion Davao City Bypass Construction Project (Phase III), which involves a 29.6 km road with bridges and tunnels to ease congestion. The Pasig-Marikina River Channel Improvement Project (Phase IV) (II) will receive PHP17.42 billion to address Metro Manila’s flood risks, while the Cavite Industrial Area Flood Risk Management Project (II) will get PHP5.49 billion. Additionally, PHP13.34 billion is allocated for the Climate Change Action Program, Subprogram 2, and PHP11.43 billion for the Build Universal Healthcare Program, Subprogram 2. The agreements reinforce Japan’s commitment to aiding the Philippines’ infrastructure and economic progress.