The Department of Finance (DOF) is eyeing the support of the Japan International Cooperation Agency (JICA) on the Philippines’ climate adaptation and mitigation projects, the agency said in a statement yesterday.
This developed as the DOF announced the Philippines and Korea yesterday exchanged documents on the $56.6-million loan extended by the Export Import Bank of Korea-Economic Development and Cooperation Fund (KEXIM-EDCF) to finance the engineering services for the Panay-Guimaras-Negros Island Bridges Project.
The DOF said Akihiko Tanaka, JICA president, expressed his openness to Secretary Carlos Dominguez’s proposal and said JICA would be willing to explore climate projects in the Philippines targeting specific localities and addressing specific climate change-related threats.
Dominguez recently met with JICA officials in Japan after the signing of the 30- billion yen loan agreement for the second phase of the COVID-19 Crisis Response Emergency Support Loan facility.
Meanwhile, the DOF said Dominguez and KEXIM-EDCF executive director Tae-Soo Kim at a ceremony held in Manila received from each other their copies of the $56.6-million loan accord that was signed last month.
To be implemented by the Department of Public Works and Highways, the interisland bridges project involves the construction of two sea-crossing, four-lane bridges spanning 32.47-kilometers combined, including connecting roads and interchanges, that will connect the islands of Panay, Guimaras and Negros in Western Visayas.
The project is among the big-ticket items under the Build, Build, Build program.
The DOF said KEXIM-EDCF’s loan for the engineering services of the project, which includes the preliminary design, detailed engineering design and procurement assistance, will support the Philippine government in preparing and completing the necessary activities and works prior to the construction of the two bridges.
This zero-interest loan with a 0.1 percent service charge per disbursement covers a maturity period of 40 years, inclusive of a 10-year grace period.
With a total estimated cost of P187.54 billion, the Panay-Guimaras-Negros Island Bridges Project is expected to commence engineering services this year, and begin construction in 2025.
