Trade, investments to be included in Phl, Japan cooperation

MANILA, Philippines - Discussion within the Philippines-Japan Joint Committee on Infrastructure Development and Economic Cooperation could extend to trade and other forms of investments, according to Socioeconomic Planning Secretary Ernesto Pernia.

Economic managers recently visited Tokyo for a two-day meeting with Japanese officials to firm up the list of projects that would be funded through official development assistance (ODA), in the form of either loans or grants. 

Fourteen projects have so far been listed, three of which have a collective value of $8.82, have been identified as priority in the provision of ODA financing. 

These are the $4.25-billion Mega Manila Subway System, the $1.9-billion speed train connecting the Malolos-Tutuban North-South Commuter Railway Project (NSCR) to the soon-to-rise Clark Green City, and the $2.67-billion commuter line extending the NSCR from Tutuban to Los Baños. 

The value of 11 other projects have yet to be determined pending the completion of financial and feasibility studies in the coming months. 

Among these are the Malitubog-Maridagao Irrigation Project and the Cavite Industrial Flood Management Project. 

The other projects, which Pernia declined to identify, are railways, expressways and water supply facilities. These also include infrastructure projects meant to spur development in Mindanao. 

While the current cooperation is focused on financing infrastructure, Pernia said the succeeding meeting of the joint committee may also pave the way for discussions on other areas of cooperation such as trade in goods and various types of investments. 

“It goes beyond infrastructure. Economic cooperation is very broad. It also covers trade and other types of investment,” he said in a recent interview. 

During his visit to the country, Japanese Prime Minister Shinzo Abe committed 1 trillion yen ($9 billion) in investments and development assistance. 

Pernia said the joint committee may also present opportunities for long-term planning of the economic partnership between the Philippines and Japan.