Japan vows P250b to PH dev’t Loan, investment pledges for PH to attain upper middle income status

By Vince Lopez, Vito Barcelo and Maricel V. Cruz

TOKYO—Japan

pledged 600 billion yen (about P250 billion) in official development assistance and private sector investment to the Philippines on Thursday, as it vowed to provide “dynamic support” in helping its “long-time ally” attain Upper Middle Income Country (UMIC) status by 2025.

Japanese Prime Minister Fumio Kishida announced this in a joint press conference with President Ferdinand Marcos Jr. as he vowed to support the administration of the latter in a wide range of areas of cooperation.

Earlier in the day, Mr. Marcos secured billions of pesos worth ofinvestment pledges from leading Japanese semiconductor and electronics companies on Thursday, citing the need to “revitalize” business partnerships that had gone dormant during the pandemic.

The President's economic team said the investment pledges could translate to more than 10,000 jobs.

Kishida said Japan’s aid will be achieved through “active contribution of the ODA and private-sector investment of JPY 600 billion in Japanese Fiscal Years 2022–2023.”

The leaders also reaffirmed their “distinct, continued commitment” to facilitating the “steady implementation” of ongoing and future economic cooperation projects through the High Level Joint Committee on Infrastructure

LEADERS MEET.

Japanese Prime Minister Fumio Kishida (right) gestures to direct President Ferdinand Marcos Jr.—who with First Lady Liza Araneta Marcos earlier met with Japan's Emperor Naruhito and Empress Masako (inset)— during their meeting at the premier's official residence in Tokyo on Thursday (see related story on A2). AFP