Thursday, August 27, 2015

Japan extends P13 billion in loans for Metro Manila and Davao projects

Foreign Affairs Secretary Albert F. del Rosario and Japanese Ambassador to the Philippines Kazuhide Ishikawa signed and exchanged notes on two yen loans on August 25, 2015.

The projects they are signing are the Metro Manila Priority Bridges Seismic Improvement Project and the Davao City Bypass Construction Project (South and Center Sections), amounting a total of 33.689 billion Japanese yen. The yen loans offer low interest rates and long repayment periods.

The Department of Public Works and Highways (DPWH) project in Manila involves replacing, retrofitting and reinforcing Guadalupe and Lambingan bridges, while the project in Davao City involves the creation of a two-lane, 28.8-kilometer bypass which includes road, tunnel and bridge sections.

Japan has always been Philippine's top source of bilateral official development assistance.

Watch this old video of Japan extending loans, share the article and let us know what you think in the Today in Manila comments section below!

Via Bworldonline

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