MANILA, Philippines — The Department of Finance (DOF) and the Japan Bank for International Cooperation (JBIC) have signed a cooperation deal to support infrastructure development programs across various sectors.
In a statement, the DOF said the cooperation will be valid for three years from its execution and will cover supply chain resilience, clean energy transition, financial cooperation, and the promotion of Japanese foreign direct investment (FDI) in the Philippines.
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Additionally, specific areas covered by the agreement include the Asian Zero Emission Community (AZEC), which seeks to advance decarbonization projects, attract investments in cleaner energy, and support the country’s energy transition.
Moreover, the cooperation covers the Luzon Economic Corridor, which the DOF has been pushing to investors as a platform for infrastructure development.
“Our renewed cooperation comes at an important time. To keep our economy competitive, we need reliable energy, efficient infrastructure, and resilient supply chains. These are essential to managing business costs, attracting investment, and sustaining growth,” Finance Secretary Frederick Go said.
Likwise, JBIC Governor Amakawa Kazuhiko said the ultimate goal was to strengthen public- and private-sector collaboration in the country.
“We view this MOC as an important first step for deeper cooperation. I understand that our respective teams have already begun exploring specific opportunities in several promising areas,” he said.
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Meanwhile, the DOF encouraged the Asian Infrastructure Investment Bank (AIIB) to scale up its development impact through more flexible funding, expanded grants, and technical assistance.
“We urge the Bank to continue developing innovative financial instruments and mobilizing private capital. We call on the Bank to prioritize scaling renewable energy, reducing power costs, and strengthening climate adaptation and mitigation projects,” Finance Undersecretary Joven Balbosa said. /pai