DOF, JICA sign $142 M loan for Cavite flood control project

MANILA, Philippines — The Japan International Coordination Agency (JICA) will extend a ¥15.93 billion ($142 million) loan for a flood control project in Cavite, the Department of Finance (DOF) said Wednesday.

The DOF has inked a loan agreement with JICA for the implementation of the Cavite Industrial Area Flood Risk Management Project.

The deal was signed by Finance Secretary Carlos Dominguez and JICA chief representative to the Philippines Susumu Ito in the presence of President Duterte and Japan Prime Minister Shinzo Abe in Malacañang.

According to the DOF, the Cavite flood management project was among the flagship infrastructure projects approved by the Investment Coordination Committee-Cabinet Committee and the National Economic and Development Authority (NEDA) Board in June.

It was recommended for official development funding assistance (ODA) funding from Japan by the DOF last July 18 and received an official pledge from the Japanese government on Aug. 8, the DOF said.

The Cavite Industrial Area Flood Risk Management Project will be implemented by the Department of Public Works and Highways (DPWH).

It involves the construction of flood protection measures in the San Juan River and Maalimango Creek Drainage Area of Imus.

The project is expected to benefit some 8,000 households as well as manufacturing plants in General Trias, Imus, Kawit, Noveleta and Rosario in Cavite.

The DOF said the loan agreement with JICA was among the four deals inked between Manila and Tokyo during Abe’s visit for the 31st Association of Southeast Asian Nations (ASEAN) summit.