Japan funding for 3 infra projects firmed up

The government is firming up Japanese financing for three of the Duterte administration’s flagship infrastructure projects worth more than $11.5 billion, including the country’s first subway system, the Department of Finance said yesterday.

In a statement, the DOF said the Philippine side was looking at the Japanese government’s issuance of the formal pledge or exchange of diplomatic documents when Japan Prime Minister Shinzo Abe visits Manila during next week’s 31st Asean Summit.

Being pitched for financing from Japan are the $7.06-billion Metro Manila Subway Phase 1, the $4.27-billion Malolos-Clark Railway as well as the $197-million Cavite Industrial Area Flood Risk Management Project.

During President Duterte’s visit to Japan last week, Abe pledged more than $1 billion in loans, including a 104.53-billion yen ($924-million) loan for the first phase of the subway project.

Also, the Japanese government committed a 15.928-billion yen ($141-million) loan for the Cavite flood control project.