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NEWS UPDATES 25 September 2009

Japan to reduce aid to the Philippines

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Japan, the Philippines’ leading foreign donor, will be cutting aid to the country as the world’s second-largest economy attempts to recover from the effects of the global financial crisis, local website GMANews.TV reported.

Next year, Tokyo will give 11 billion peso (1$=49 peso) to Manila, 10.6 percent lower than 2009’s 12.3 billion peso allotment.

Japan’s assistance will be allotted for projects implemented throughout 2010, channeled through the Japan Bank for International Cooperation (JBIC).

The same multilateral lender has promised to guarantee the Philippines’ Samurai bond offering worth anywhere between $1 billion to $2 billion as part of Manila’s initiatives to narrow a widening fiscal deficit.

Besides JBIC, other Japanese agencies including the Japan Export Import Bank and the Japan International Cooperation Agency also extend foreign assistance to the Philippines.

Although Japan have shown signs of recovery – growing 3.7 percent in the second quarter – a recent Associated Press report indicated that the country may still be in a slump.

After Japan, China is the Philippines’ second-leading foreign donor, which promised to extend 2.52 billion peso in projects, a 1,603 percent surge from aid worth 148 million peso this year.

Korea is the Philippines’ third-largest donor, providing foreign-funded projects worth 2.49 billion peso, higher than last year’s 2.17 billion peso.

The Manila-based Asian Development Bank (ADB) intends to allot 1.5 billion peso to fund projects next year. Eighty-five percent of these projects cover infrastructure.


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