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The Philippine and Japanese governments on Thursday signed a 19.5-billion yen or about P7.3 billion worth of loan agreements that would finance a flood risk reduction project in Mindanao and the construction of new interchanges in Metro Manila’s major roads.
Finance Secretary Cesar V. Purisima signed the agreement on behalf of the Philippine government, while Japan International Cooperation Agency’s (Jica) chief representative in the Philippines Noriaki Niwa represented the Japanese government.
The bigger chunk of the official development assistance (ODA) worth almost 11.6 billion yen or about P4.3 billion would be spent on a flood risk management project for Cagayan de Oro River. It will fund the implementation of structural measures (such as construction of a new dike/retaining wall and retarding basin, installation of gate and drainage outlets, and improvement of Kagayan Bridge), as well as non-structural measures (such as preparation/updating of the flood hazard map, and putting in place a flood forecasting and warning system) in areas surrounding the river, the Department of Finance said.
“The flood risk management project for Cagayan de Oro River aims to strengthen the resilience of the communities along the [river’s] stretch—from Macajalar Bay to Pelaez Bridge—to climate change and other hydrometeorological hazards by mitigating flood risk in the area,” according to the DOF.
In October last year, the National Economic and Development Authority (Neda) Board chaired by President Aquino approved the P8.6-billion flood mitigation project, which would start in October this year for completion by March 2022.
The remainder of the loan, amounting to more than 7.9 billion yen or almost P3 billion, will go to the P4-billion sixth phase of the Department of Public Works and Highways’ Metro Manila Interchange project.
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