MANILA (Mindanao Examiner / Mar. 25, 2013) – Japanese Ambassador Toshinao Urabe and Philippines Foreign Affairs Secretary Albert del Rosario have signed and exchanged notes on two yen loan projects.
The projects are the Capacity Enhancement of Mass Transit Systems in Metro Manila worth about P18.56 billion, and the New Bohol Airport Construction and Sustainable Environment Protection Project which cost some P4.63 billion – and two grant aid projects, namely, the Mini-Hydropower Development Project in Ifugao province amounting to P380.67 million; and Mini-Hydropower Development Project in Isabela province worth P62.66 million.
The Capacity Enhancement of Mass Transit Systems in Metro Manila includes the development of the Light Rail Transit (LRT) Line 1 South Extension and LRT Line 2 East Extension projects while the New Bohol Airport Project involves the construction of a new airport in Panglao Island, which is compliant with international standards.
Japanese Foreign Minister Fumio Kishida earlier conveyed Tokyo’s decision to extend yen loans to these projects during his visit to Manila on January 10 this year. The projects will be implemented by the Department of Transportation and Communications.
The mini-hydropower development projects in the provinces of Ifugao and Isabela are part of the Department of Energy’s program to develop renewable energy resources for energy sustainability, stability and security. Hydropower is an attractive alternative source of electricity because of its minimal impact on the environment.
These official development assistance projects on infrastructure development form part of the economic pillar of the Philippines-Japan Strategic Partnership.
Japan continues to be the country’s top source of official development loans.
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