The Department of Finance (DOF) is set to execute around USD 1.5 billion-worth of pipeline projects with the Japan International Cooperation Agency (JICA) for 2024-2025, and is working towards executing four major loan agreements within the year. 

The said development was discussed during a meeting between DOF Undersecretary for the International Finance Group (IFG) Joven Balbosa and JICA’s Director General of Southeast-Asia and Pacific Department Hayakawa Yuho at the JICA Office in Washington, D.C.

During the meeting, Undersecretary Balbosa reaffirmed the strong partnership between the Philippine Government and JICA, acknowledging Japan as the country’s largest official development assistance (ODA) partner with USD 12.30 billion net commitments (loans and grants) or 32.82% share of total ODA as of December 2023.

Further building on this partnership, the DOF and JICA have discussed executing a pipelined commitment of around JPY 227.6 billion (around USD 1.5 billion) from April 1, 2024 to March 31, 2025, as well as an annual average pipeline of about JPY 249.2 billion (roughly USD 1.6 billion) over the next five years from 2023 to 2027

The DOF and JICA also discussed the timeline and preparations required to facilitate the signing of the loan agreements for projects on maritime safety, roads, and flood risk management, which are targeted before the end of the year.