SIGNING OF THE LOAN AGREEMENT FOR THE

ARTERIAL ROAD BYPASS PROJECT PHASE III (ARBP III)

NEDA Executive Lounge, NEDA Building Ortigas Center, Pasig City

February 28, 2018, 1PM

STATEMENT

Socioeconomic Planning Secretary Ernesto M. Pernia

On behalf of NEDA, we are pleased to witness this important milestone in both the Philippine Government’s public infrastructure development program, and in the bilateral cooperation between the Philippines and Japan. The previous phases of the Arterial Road Bypass Project have been implemented with Japanese support; particularly under the second Phase of the ARBP we saw significant savings, in both cost and time. With continued Japanese support, we are once again expecting a fast and sure implementation of the third Phase of the ARBP.

We would like to highlight the importance of the Japanese Government as a key partner in achieving our goals set out in the AmBisyon Natin 2040 and the Philippine Development Plan 2017-2022.

The Japanese Government remains to be the Philippines’ largest source of Official Development Assistance (ODA) with a share of 38.57 percent (US$4.83 billion) as of September 2017. Japan’s ODA loans make up 45.88 percent (or US$4.688 billion) of the Philippine Government’s total loans portfolio.

In 2017 alone, the NEDA Board has approved 5 major infrastructure projects to be implemented with Japanese support with a total investment cost of about PHP700 billion. These include the project we have just signed today, the Arterial Road Bypass Project Phase III, as well as three major railway projects and a flood management project. Several more projects will be processed this year.

With the Philippine Government’s robust infrastructure development program, we are pleased to have a dynamic and responsive cooperation with Japan, whose development experience and expertise match our own needs and priorities. We thank the Japanese Government for your unwavering support for the development of the Philippines, and we eagerly look forward to working with you for more years to come.

Thank you and good afternoon.

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