Japan will provide to the Philippines a one trillion yen (P430 billion) aid package over the next five years, Japanese Prime Minister Shinzo Abe said on Thursday as the two countries pledged to strengthen their economic relations.
In a joint statement, Abe and Duterte said the aid package would consist of official development assistance (ODA) and private-sector investments to help the Philippines overhaul its infrastructure, according to The Manila Times Online report on Friday.
We will leverage Japanese technology and know-how to the fullest extent to positively cooperate for the improvement of infrastructure in Metro Manila and the whole of the Philippines, said Abe through an interpreter.
Duterte said the Philippines and Japanese economic agencies have been instructed to seek new areas for collaboration and work for the fulfillment of agreements signed during his visit to Japan last year.
In his opening statement during their summit meeting in Malacanang on Thursday, Duterte said Abe’s visit demonstrates the shared commitment to further strengthen our important and valued strategic partnership.
In response, Abe said he chose Philippines to be his first foreign visit in 2017 to show his commitment to improve the relations between the two nations.
He also expressed support for the Philippines chairmanship of the Asean this year. He assurerdDuterte of Japan’s commitment tcooperate with the Philippines hand in hand for the stability and prosperity of the region.
Five agreements were signed by the two countries following the summit meeting.
Source: Thai Public Broadcasting Service (Thai PBS)