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Japan to back regional master plan for Subic area

japan to back regional master plan for subic area 816x445 - Japan to back regional master plan for Subic area

JAPAN will provide technical assistance in drafting a master plan for regional development centering on Subic Bay Freeport, according to the Department of Finance (DoF).

In a statement yesterday, DoF said the proposed master plan will determine possible projects in Subic Bay and nearby areas covering road network development, logistics terminal development, disaster risk management and public utilities.

The agreement was reached during the bilateral meeting between Prime Minister Shinzo Abe and President Rodrigo R. Duterte on Monday on the sidelines of the 35th Association of Southeast Asian Nations (ASEAN) Summit in Bangkok.

“The two leaders affirmed that the Japanese assistance is a testament to the deepening strategic partnership between Japan and the Philippines,” the DoF said.

So far, the Japanese government has 10 loan agreements with the Philippines to fund several big-ticket infrastructure projects under the “Build, Build, Build” program signed since 2016.

Japan remain the number one source of official development assistance (ODA) loans and grants with $8.26 billion as of December 2018. — Beatrice M. Laforga

The post Japan to back regional master plan for Subic area appeared first on BusinessWorld.

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