MUFG keen on aid to Philippines infra program

By Mary Grace Padin (The Philippine Star)
Updated May 15, 2017 – 12:00am
http://www.philstar.com/business/2017/05/15/1700001/mufg-keen-aid-philippines-infra-program

During a meeting with Finance Secretary Carlos Dominguez III on the sidelines of the 50th Annual Meeting of the Asian Development Bank (ADB) last week, MUFG officials expressed interest in helping the Philippines embark on its P8.4 trillion infrastructure development plan.

Leading the MUFG team was its managing executive officer and chief executive officer for Asia and Oceania Takayoshi Futae, who said the bank is considered one of the largest project finance institutions in the world with investments in large-scale infrastructure, such as railroads and airports.

Dominguez welcomed MUFG’s offer and asked the bank to help the country in developing strategies that will allow the Philippines to optimize its investments and reduce risks in its accelerated infrastructure program.

“We also want to develop medium-sized companies by encouraging them to partner with equally-sized Japanese companies for more inclusivity in our development strategy,” Dominguez told MUFG officials.

During the meeting, the Finance chief briefed the bank’s executives on the country’s “Build, Build, Build” program, which includes the Clark-Manila railway, the Manila-Calamba commuter railway and the Mega Manila Subway System.

These railways were among the projects submitted by the Philippine government for possible financing assistance from Japan.

“The projects we have proposed to the Japanese government are really aimed at decongesting Metro Manila,” Dominguez said.

He also updated MUFG on the status of other projects funded through loans and grants from the Japanese government.

Among these is the ¥4.9-billion Harnessing Agribusiness Opportunities through Robust and Vibrant Entrepreneurship Supportive of Peaceful Transformation (HARVEST), which aims to jumpstart agribusiness investments in the Autonomous Region in Muslim Mindanao (ARMM) and other conflict-affected areas in the south.

Land Bank of the Philippines and the government of Japan recently signed the loan agreement for the HARVEST project.