Phl-Japan sign loan agreement for ARBP III

 

By Rose de la Cruz

 

The governments of Japan and the Philippines signed today the loan agreement covering Phase III of the Arterial Road Bypass Project in Bulacan.

 

The project is meant to alleviate the serious traffic congestion and improve transportation capacity and efficiency around Plaridel Area by onstructing a bypass road of Philippine-Japan Friendship Highway.

 

At the signing of the loan agreement, Socioeconomic Planning Secretary Ernesto Pernia cited it as an important milestone for both the Philippine government’s public infrastructure development program, and in the bilateral cooperation between the Philippines and Japan.

 

The previous phases of the Arterial Road Bypass Project have been implemented with Japanese support; particularly under the second Phase of the ARBP we saw significant savings, in both cost and time. With continued Japanese support, we are once again expecting a fast and sure implementation of the third Phase of the ARBP, he said.

 

He stressed the importance of the Japanese Government as a key partner in achieving our goals set out in the AmBisyon Natin 2040 and the Philippine Development Plan 2017-2022.

 

The Japanese Government remains to be the Philippines’ largest source of Official Development Assistance (ODA) with a share of 38.57 percent ($4.83 billion) as of September 2017. Japan’s ODA loans make up 45.88 percent (or S$4.688 billion) of the Philippine Government’s total loans portfolio.

 

In 2017 alone, the NEDA Board has approved 5 major infrastructure projects to be implemented with Japanese support with a total investment cost of about P700 billion. These include the project we have just signed today, the Arterial Road Bypass Project Phase III, as well as three major railway projects and a flood management project. Several more projects will be processed this year.

 

 

With the Philippine Government’s robust infrastructure development program, we are pleased to have a dynamic and responsive cooperation with Japan, whose development experience and expertise match our own needs and priorities. We thank the Japanese Government for your unwavering support for the development of the Philippines, and we eagerly look forward to working with you for more years to come, he said.

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Tuesday, 17 July 2018
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