The Department of Finance (DOF) has signed two loan agreements with
the Japanese government for the implementation of the North-South
Commuter Railway (NSC R) project and its extension.
In a statement on Friday, Feb. 10, the DOF announced that Finance
Secretary Benjamin E. Diokno, on behalf of the Philippine government,
signed the ¥377.02 billion financing accords in Tokyo for “two
landmark projects.”
The loans, equivalent to P156.08 billion, will help fund the
constructions of the North-South Commuter Railway Extension Project
and North-South Commuter Railway Phase 1, according to the DOF.
These two infrastructure projects will strengthen the transportation
network and alleviate traffic congestion in the country, Diokno added.
Based on the DOF report, the fresh financing represent the second tranche
for the Extension Project, costing around ¥270 billion, or P111.8 billion.
The NSCR Extension Project spans from Malolos to
Clark International Airport and from Solis Station in Metro Manila to
Calamba Station in Laguna.
Meanwhile, the North-South Commuter Railway Phase 1, between Tutuban
in Manila and Malolos in Bulacan, is a supplemental loan worth an
estimated ¥107.02 billion, roughly P44.3 billion.
Since 2017, the Governments of Japan and the Philippines have
cooperated on the implementation of major infrastructure projects such
as the North South Commuter Railway Projects and the Metro Manila
Subway Project Phase I.
During the 13th Philippines-Japan High-Level Meeting of the Joint
Committee on Infrastructure Development and Economic Cooperation last
November, Diokno assured that the Japan-backed infrastructure projects
left behind by the Duterte administration will proceed as planned.
Japan is the country’s number one official development assistance (ODA)
partner, whose support has contributed to projects in infrastructure
development, investment readiness, disaster risk mitigation and
management, food security, education, health, among others.
On Thursday, Feb. 9, the Philippine delegation led by President
Marcos, held a roundtable discussion with companies from the
semiconductor, electronics, and wiring harness industries in Tokyo to
discuss investment matters in the Philippines.
Representatives from Brother Industries Inc.; IBIDEN Co., Ltd.; Japan
Aviation Electronics Industry, Ltd.; Murata Manufacturing Co., Ltd.;
Nidec Corporation; Panasonic Corporation; Seiko Epson Corporation;
Sumitomo Wiring System, Ltd.; TDK Corporation; YAZAKI Corporation; and
Yokowo Co., Ltd. attended the discussion.
Representatives from the companies, which have presence in the
Philippines, indicated plans to expand operations and ramp up the
training and hiring of more Filipino workers in their Philippine-based
operations.
