The ceremonies were held Friday at the DFA Main Building in Pasay City and were witnessed by representatives from several government agencies.
The DPSP-IC loan will support the national budget in financing policy reforms for the improvement of the country’s investment climate in three areas, namely: employment facilitation; competitiveness, and public-private partnerships in infrastructure.
Del Rosario thanked the Government of Japan, particularly the Japan International Cooperation Agency (JICA), for its unwavering support for the Philippine government’s national development priorities.
“It was an exchange of note verbale, not (yet) a loan agreement. Both Secretary Del Rosario and Ambassador Urabe signed the notes. From my understanding, the next step would be for the implementing agency to sign, which I believe is JICA (Japan International Cooperation Agency),” Kenji Hirai of the Embassy of Japan, clarified.
Japan continues to be the Philippines’ top source of official development assistance (ODA). Japan’s assistance, through loans, grants and technical cooperation covers a wide range of areas, including public works, socio-economic infrastructure, transportation and communications, agriculture and capability-building among many others.
Between 1967 and 2008, Japan ODA to the Philippines has totaled US$20.560 billion. The Philippines ranks as the fourth largest recipient, next to Indonesia, China and India.
By ELLSON A. QUISMORIO
October 6, 2012, 9:22pm
