Japan Lends P75-B for Cebu and Davao Infra Projects

The Philippines and Japan on Tuesday signed two loan agreements worth a combined 75.5 billion pesos for two big-ticket infrastructure projects under the Duterte administration’s “Build, Build, Build” program.

Finance Secretary Carlos Dominguez III and Japan International Cooperation Agency chief representative Eigo Azukizawa signed the agreements for the 57-billion-peso loan to support the construction of the Cebu-Mactan Fourth Bridge and the Coastal Road Construction project in the Visayas and the supplemental financing of 18.5 billion pesos for the Davao City Bypass Construction Project.

Dominguez said, “We express our heartfelt gratitude to the people and the Government of Japan…for their generosity and earnestness in supporting our infrastructure modernization program. Given the challenging circumstances, these projects bring more support to our economic recovery well beyond their nominal value.”

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