Japan raises PH standby loan to US $500 million – Aquino

Newsdig coverage by Cbanga360.net

MANILA — President Benigno S. Aquino III expressed that the P130-bllion fund needed by the Philippines to finance the rehabilitation of devastated communities in the Visayas regions is almost complete. This he said, after noting that it will be thru the help coming from Japan, the World Bank, Asian Development Bank and other institutions.

In his message after arriving Sunday from Japan, the President said that the Japanese government raised the country’s standby loan from US$ 100 million to US$ 500 million, nearly completing the fund needed for the typhoon-ravaged areas in the Visayas regions.

The President went to Japan this week to attend the ASEAN-Japan Commemorative Summit and other events.

The Japanese government is one of the major donors for the country’s relief and recovery efforts. The President said that prior to his trip to Japan this week, the Japanese government extended a US$ 50 million assistance to the Philippines.

Aquino also reported that in his meeting with Japanese Prime Minister Shinzo Abe, Japan will extend an additional US$ 66 million aid to the country for the immediate recovery of typhoon-devastated areas.

A lot of Japanese companies are interested in investing in the country’s infrastructure, energy, mining, and manufacturing sectors, Aquino said.

The President said he met with executives of Sumitomo Metal Mining Co., Mitsubishi, Mitsui Banking Corp. and Nidec Sankyo Corp. in his three-day stay in Japan.

One of those companies, which was not identified by the President, is planning to invest US$ 300 million for the expansion of its operation in the Philippines.

There are also ongoing studies for possible investment on a new manufacturing plant, research development facility, and many others, he said. (PNA)


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