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PM of Japan promises to assist PH economic development plan with $4.6 billion

On Thursday, Japanese Prime Minister Fumio Kishida promised to help the Philippines’ economic growth strategy to become an upper middle-income nation by 2025 with 600 billion yen (USD4.6 billion) in official development aid (ODA) and private sector investment.
Following the witnessing of the signing of seven bilateral contracts and agreements between the two countries at the Prime Minister’s Office in Tokyo, Kishida made the statement during a news conference alongside President Ferdinand R. Marcos Jr.

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He stated that the help would be provided to the Philippines over a two-year period, ending in March 2024.

The World Bank now classifies the Philippines as having a lower-middle-income economy.

Seven bilateral pacts

A number of bilateral agreements covering collaboration in the development of infrastructure, defense, agriculture, and information and communications technology were also signed while Marcos and Kishida were there. These contracts are:

— Notes about the North-South Commuter Railway Extension (NSCR) Project II, a Japanese official development project;

— Exchange of Notes on NSCR’s Malolos to Tutuban Project II, a Japanese official development project;

— Loan Agreement for Project II of the NSCR Extension;

— Loan Contract for the Malolos to Tutuban Project (II) of the NSCR;

— Umbrella Term of Reference on Cooperation for Humanitarian Assistance and Disaster Relief (HADR)

— Memorandum of Cooperation (MOC) on Agriculture Cooperation between the Department of Agriculture (DA) and the Ministry of Agriculture, Forestry, and Fisheries

Information and Communications Technology Master of Science

The agreements’ signing, according to Marcos, “further solidified” both nations’ commitment to their strategic alliance.

“…After our meeting, I can state with certainty that, as we jointly manage the choppy waters engulfing our area, our strategic alliance is stronger than ever. As we continue to grow and deepen our interactions across a wide range of mutually beneficial cooperation, the future of our partnership is still full of promise, he added.

Request to travel to PH

Likewise, Marcos extended an invitation to Kishida to pay a “return visit in the very near future” in the Philippines.

He claimed to have had the honor of seeing the Japanese Emperor Naruhito and Empress Masako and to have extended an invitation to them to travel to the Philippines.

From February 8 to February 12, Marcos will be in Japan to promote increased investment and create deeper bilateral connections.

He had previously underlined the necessity for the Philippines and Japan to “revitalize” economic alliances that had been somewhat “dormant” as a result of the Covid-19 outbreak, claiming that doing so would aid in the expansion of both countries’ economies.

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