The Market Monitor Minding the Nation's Business
In the light of the recent Group of Seven (G7) Summit in Ise-Shima, Japan, the Japan International Cooperation Agency (Jica) reaffirms stronger development cooperation initiatives in the Philippines.
“The G7 Summit is an opportunity for development partners like Jica to further strengthen development cooperation that addresses the gap between the rich and the poor, and adds value to the Philippines’s economic growth using Japanese experience and expertise,” said Jica Chief Representative in the Philippines Susumu Ito.
Jica, a long-time development ally of the Philippines, announced that it is implementing over a hundred official development assistance (ODA) projects to help sustain economic growth and promote human security in the country.
“Jica hopes that our partners and stakeholders in the Philippines will continue to trust and support our development cooperation initiatives to ensure that economic growth is inclusive,” Ito added.
Jica remains one of the top ODA partners of the Philippines in 2014, accounting for 23 percent ($3.3 billion) of the Philippines’s total ODA portfolio.
In the Philippines, Jica has taken a proactive role in promoting sustainable growth through quality infrastructure, among other ODA-assisted projects. It has jointly completed with the Philippine government the “Road Map for Transport Infrastructure Development for Metro Manila and its Surrounding Areas,” which seeks to spread economic activities and encourage investments.
In 2015, Japan, through Jica, also provided a ¥241.991-billion loan for the North-South Commuter Railway Project (Malolos-Tutuban) to help develop the Philippines’s transport network and promote economic growth. The project is the biggest ODA loan package Jica has given to the Philippines in history.
Jica is one of the world’s largest bilateral aid agencies, working with over 150 countries and regions. Since the 1960s, Jica has been a key development partner of the Philippines promoting sustainable development for all.