MANILA - The Philippines secured 2 loans from Japan worth P75.5 billion to fund "Build, Build, Build" projects in the south, the Finance Department said Tuesday.
The Finance Department and the Japan International Cooperation Agency signed a P57 billion loan to support the Cebu-Mactan Fourth Bridge and the Coastal Road Construction in Visayas as well as P18.5 billion in supplemental funding for the Davao City Bypass Construction Project, the DOF said.
“Given the challenging circumstances, these projects bring more support to our economic recovery well beyond their nominal value,” Finance Secretary Carlos Dominguez said.
The loans, signed during the COVID-19 pandemic, will contribute to the Philippines' economic recovery, JICA Chief Representative Eigo Azukizawa said.
Dominguez said the projects would revitalize the economy by creating jobs in the region.
The loans have a maturity period of 40 years inclusive of a 12-year grace period, the DOF said.