Japan shows love for PH with 1 trillion yen pledge for aid, investments
In a bid to spur the Philippines’ growth, Japan on Thursday (Jan. 12) pledged a total of 1 trillion yen over the next five years in the form of official development assistance and investments.
Japanese Prime Minister Shinzo Abe made the announcement in a joint statement in a joint statement with President Rodrigo Duterte in Malacañang.
He said the joint committee on economic cooperation and infrastructure that will be launched will provide both private and public sectors “a strong underpinning for nation building.”
Among the contributions that Abe said Japan could make to the Philippines include technology for the improvement of infrastructure nationwide, support for peace and development in Mindanao, studies on urban development and flood control of Davao City, possible exchange of high-speed boats to enhance security, and assistance in the improvement of facilities and treatment for drug addicts.
Abe said he and Duterte also affirmed during their discussion the significance of the rule of law, peaceful resolution of disputes and non-militarization in the West Philippine Sea, as well as the importance of the rigorous enforcement of the related UN Security Council resolutions with regard to North Korea’s nuclear and missile development.
He said he and Duterte also agreed Japan and the Philippines would continue cooperation in the Regional Comprehensive Economic Partnership toward the conclusion of a quality agreement.
Abe is the first foreign leader to visit the Philippines under the Duterte administration. He will go to the President’s hometown, Davao City, on Friday (Jan. 13).