The Philippine business climate is getting a boost from Japan, which extended a $100-million Official Development Assistance (ODA) loan last Friday.
Japanese Ambassador Toshinao Urabe and Foreign Affairs Secretary Albert del Rosario signed and exchanged notes on the ODA last Friday in Manila.
“The purpose of this program loan (Development Policy Support Program-Investment Climate, DPSP-IC) is to support the Philippine government in improving business environment issues as discussed under the Sub-Committee,” Urabe said.
He said the Asian Development Bank is a partner in this program.
“Predictability, transparency and consistency are the key to promote further investments to the Philippines. We understand that each authority is struggling to make ends meet. However, we should not lose sight of the overall picture and the long term consequences of our action today,” he said.
“The resolution of VAT refund issue, improvement of Customs procedures, supply of cheaper and stable electricity, and improved infrastructure will not only help Japanese but also Philippine investors,” he added.
Urabe also noted further investments in the Philippines will create more job opportunities and reduce poverty.
He expressed hopes the program will help the Philippine government and people “in realizing their objective of sustainable and inclusive growth.”
A news release from the Japanese Embassy said Friday’s signing and exchanging of notes marked the appropriation of Y7,775 million ($100 million) from the Japanese government through the Japan International Cooperative Agency (JICA).
The embassy added the improvement of the Philippine business environment will achieve inclusive growth with further investments, more job opportunities and poverty reduction, as envisaged in “Philippine Development Plan 2011-2016.”
Japan and the Philippines have further strengthened their economic partnership since the entry into force of the Japan-Philippines Economic Partnership Agreement (JPEPA) in December 2008.
The Japanese Embassy said the Japanese government will continue to support the improvement of business environment in the Philippines towards its inclusive growth.
“Japan believes that these projects will strengthen not only the friendship between the peoples of Japan and the Philippines, but also the existing strategic partnership between Japan and the Philippines,” it said. — ELR, GMA News
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