• Philippines gets P23-B loan from Japan

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    The Philippine government has obtained a P23.18-billion loan from the Japanese government for the improvement of the country’s traffic and transportation network.

    “Japan will cooperate with the Philippines in the issue of climate change for pursuing a fair and effective international framework with the participation of all major emitters,” the Japanese government said in a statement.

    The loan will help the country in achieving inclusive growth, as embodied in the Philippine Development Plan (PDP) 2011-2016, through the improvement of its traffic and transportation network, and other projects related to climate change mitigation.

    The Japanese government also extended to the Philippines P446 million in the form of two grants.

    The loans will be allocated for improvements in Light Rail Transit (LRT) Lines 1 and 2, and the construction of the Bohol International Airport.

    Known as the Capacity Enhancement of Mass Transit Systems in Metro Manila Pro-ject, the improvements to the mass transit system will get P18.557 billion.

    It will be used to acquire new coaches, improvement of current facilities related to the LRT 1 south extension, and extension of LRT 2. These will help Metro Manila reduce its air pollution level.

    The New Bohol Airport Con-struction and Sustainable En-vironment Protection Project gets the other portion of the loan amounting to P4.626 billion.

    The New Bohol Airport Con-struction aims to put up a new international airport on Panglao Island, replacing the Tagbilaran airport.

    Meanwhile, the first grant worth P383 million will be for   the Mini-Hydro Power Development Project in the province of Ifugao. It will be used to construct an 810-kilowatt (kW) mini-hydropower plant in Ifugao. The project aims to promote usage of domestic resources of renewable energy, sustain rice terrace conservation and reduce carbon dioxide emissions.

    The Mini-Hydro Power Development Project in the province of Isabela, meanwhile, will see the construction of a 45-kW micro-hydropower plant using the existing irrigation system in Isabela. It received the balance of P63 million from the grant.

    The grant aid projects are in line with financial assistance aiming to accelerate the measures of developing countries against climate change.

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    2 Comments

    1. Capital goods and services from Japan is ok. Do not give cash. It will be squandered left and right. Look what happen to New Millennium Challenge Corporation’s $400 million plus given to Pnoy by then Secretary of State Madam Hillary R. Clinton. COA should investigate and/or audit DBM and make report as to where is this money now.