The Department of Finance (DOF) and Japan International Cooperation Agency (JICA) are set to execute $1.5 billion worth of infrastructure projects in the Philippines in the next two years.
The DOF and JICA are working towards finalizing four major loan agreements within the year, focusing on maritime safety, road development and flood risk management projects.
JICA plans to expand its support beyond these initial projects, aligning with the Marcos administration’s development priorities. This includes potential funding for agriculture, education, and healthcare sectors.
JICA is also open to increasing its policy-based lending, potentially co-financing the Climate Change Action Program (CCAP) Subprogram 2 with the Asian Development Bank and Agence Française de Développement.
This program aims to support the Philippines in implementing its national climate policies and transitioning to a low-carbon economy.
The DOF additionally requested JICA’s assistance in attracting private sector investment to support the Philippines’ development goals as it moves towards upper-middle income status.
Japan is the country’s largest official development assistance (ODA) partner with $12.3 billion net commitments or 32.82 percent share of total ODA as of December 2023.
Source: Bilyonaryo
