Japan lends PHL P21.4B for road development

The Japanese government will finance some of the Philippine government's big-ticket infrastructure projects under its public-private partnership initiative. Japanese Ambassador Makoto Katsura said over the weekend that his government will extend 40.8 billion yen (P21.4 billion) worth of official development assistance to the Philippines to upgrade and rehabilitate some roads in various provinces. "We hope that this project will assist the Philippines in improving its arterial roads and strengthening its road maintenance and management capability," Makoto said at a press briefing. The loan package — which will be provided by Japan International Cooperation Agency — has an interest rate of 1.4 percent per year and is payable in 25 years. — JE/KBK, GMANews.TV