The Philippines is set to sign new agreements with Japan for increased official development assistance (ODA) to develop and promote the country’s micro, small- and medium-scale enterprises.
Trade Secretary Ramon Lopez disclosed that after President Duterte’s state visit to China next week, he would proceed to Japan, accompanied by a smaller contingent of private sector representatives wanting to expand trade and investment ties with their Japanese counterparts.
“We will also be finalizing and signing a number of memoranda of understanding (MOU) for ODA. We’re looking at additional ODA for trade and industry development… These agreements will cover (initiatives) on SMEs, environment, and the recovery plan for those devastated by Typhoon Haiyan (Yolanda) in 2013,” Lopez explained.
Last year, Japan pledged a 240-billion yen loan ($2 billion) ODA package for the North-South Commuter Rail Phase 1 project, said to be the single biggest assistance that Japan has given to any of its development partners.
In the Philippines, the Japan International Cooperation Agency (Jica) has been one of the Philippines’ major ODA partners since the 1960s and has strongly supported quality infrastructure, peace and development, and poverty reduction initiatives in the Philippines.
The agency has already committed to further strengthen its development cooperation activities with the Philippines under President Duterte.
“We look forward to continuing the positive relations between Japan and the Philippines through development cooperation and aim to take the partnership to a new level that will mutually benefit both our people,” Jica chief representative Susumu Ito said in a statement in July.