The Philippines and Japan signed a memorandum of cooperation (MOC) last Friday signifying the latter’s commitment to provide technical support to the formulation of a regional development master plan designed to maximize the economic potentials of Subic Bay and its surrounding areas, the Department of Finance (DOF) said.
The DOF said in a statement yesterday under the MOC, the Subic Bay Regional Development Master Plan may include possible projects in the fields of road network development, logistics terminal development, disaster risk management and the development of public utilities.
Carlos Dominguez, DOF secretary and representing the Philippine government, and Hiroto Izumi, special advisor to Japan Prime Minister Shinzō Abe, on behalf of Japan, signed the MOC at the conclusion of the 9th meeting of the Philippines-Japan Joint Committee on Infrastructure Development and Economic Cooperation held in Hakone, Japan.
“The Philippine government may require cooperation from Japan, including Official Development Assistance (ODA) and other financial resources, for the implementation of the prioritized projects listed in the finalized Master Plan,” the MOC states.
“Projects to be financed by Japanese ODA and other financial resources will be determined following a master plan survey and in light of both governments’ priorities,” it added.