THE PHILIPPINES has secured P65.43 billion worth of loans from Japan to fund big-ticket infrastructure projects such as a four-lane bypass road in Davao City and two major flood control projects in Metro Manila.
The five financing agreements were signed by Finance Secretary Ralph G. Recto and Japan International Cooperation Agency (JICA) Country Chief Representative Baba Takashi during a high-level meeting on Monday, the Department of Finance (DoF) said in a statement.
“We are deeply grateful to the government of Japan for its confidence in our ability to turn these projects into realities. On the part of the Philippine government, we will honor this trust by ensuring that every peso, every yen, and every commitment made today translates into real improvements to the people we serve,” Mr. Recto was quoted as saying.
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