The Japanese government has loaned the Philippines over ¥15 billion for the Cavite Industrial Area Flood Risk Management Project. In a statement on Thursday, the Department of Finance (DoF) said it signed a ¥15.93-billion loan agreement with the Japan International Coordination Agency (JICA) for the project, which aims to control and mitigate flooding in several areas that host economic zones and residential communities. The Cavite flood management project is one of the big-ticket infrastructure projects approved in June 2017 by the Investment Coordination Committee-Cabinet Committee and the National Economic and Development Authority Board, the Finance department said. The project was recommended for official development assistance (ODA) funding from Japan on July 18 and received an official pledge from Tokyo on August 8, the department’s International Finance Group said. The JICA loan agreement was among the four accords inked between the Philippines and Japan during Prime Minister Abe’s visit to Manila for this week’s Association of Southeast Asian Nations (Asean) Summit.

Source: Manila Times November 15, 2017 17:15 UTC