Tokyo, 29 August 2023(TDI): In a landmark event showcasing the enduring ties between Japan and the Philippines, Prime Minister Kishida Fumio of Japan welcomed a courtesy call from the Philippines delegation led by Benjamin E. Diokno, Secretary of Finance of the Republic of the Philippines on August 28.
At the outset of the meeting, Prime Minister Kishida expressed his delight at the continued high-level exchanges between Japan and the Philippines, emphasizing the strengthening of bilateral relations.
He highlighted Japan’s steadfast support for the Philippines’ aspiration to achieve Upper Middle-Income status, with a specific emphasis on the pivotal role that the Japan–Philippines High-Level Joint Committee on Infrastructure Development and Economic Cooperation will play in this regard.
In response, Secretary Diokno conveyed his deep appreciation for Japan’s long-standing contributions, especially in the realm of infrastructure development.
The occasion marked the 14th Philippines-Japan High-Level Joint Committee Meeting on Infrastructure Development and Economic Cooperation.
Secretary Diokno led the Philippine delegation, which also included officials from various government agencies such as the National Economic and Development Authority (NEDA), Department of Budget and Management (DBM), Department of Public Works and Highways (DPWH), Department of Transportation (DOTr), Department of Energy (DOE), Department of Information and Communications Technology (DICT), and Bases Conversion and Development Authority (BCDA), along with Her Excellency Mylene J. Garcia-Albano, the Philippine Ambassador to Japan.
Discussions encompassed a wide range of topics, including infrastructure development, regional growth, agriculture, information and communications technology (ICT), energy and environment, maritime safety, disaster risk management, development initiatives in Mindanao, and the facilitation of Public-Private Partnership (PPP) opportunities.
Secretary Diokno, along with Japan International Cooperation Agency (JICA) Senior Vice President Nakazawa Keiichiro, sealed the deal on the Post Disaster Stand-by Loan (PDSL) Phase 3, a JPY 30-billion loan aimed at accelerating recovery after natural disasters.
Read more: Japan extends P14 Billion loan to Philippines
As the Philippines’ largest Official Development Assistance (ODA) provider of loan and grant commitments, Japan’s contributions total around US$ 12.92 billion, representing approximately 40.5 percent of the country’s total ODA portfolio.
JICA is currently engaged in the implementation of twenty-eight ongoing loans with the Philippine Government, underlining the depth of the bilateral collaboration.
The meeting concluded with both nations discussing potential financing options as the Philippines endeavours to achieve Upper Middle-Income Country (UMIC) status by 2025.
Looking ahead, Secretary Diokno expressed hope for an enduring collaboration, stating,
“We anticipate Japan’s continued role as a steadfast partner, engaging in diverse forms of bilateral and technical cooperation for years to come.”
