ASEAN KEY DESTINATIONS
PHL bags over P621M worth of Japan grants
The Philippines and Japan on Monday signed two grant agreements cumulatively valued at over P621 million for flood forecasting and human resource development.
Signed by officials of the National Economic and Development Authority (NEDA) and the Japan International Cooperation Agency (JICA) in Pasig City, the grants covered the P621-million improvement of Flood Forecasting and Warning System for the Cagayan de Oro River Basin, and the Human Resource Development Scholarship.
The flood control project involves the installation of a network of hydrological monitoring equipment that will record rainfall and water level data.
“We are confident that through this project, and with Japan’s expertise and state-of-the-art technology, we will be more resilient against flood-related disasters in the Cagayan de Oro River Basin, the longest river basin in the country,” Socioeconomic Planning Secretary Ernesto Pernia said in his welcome remarks during the signing ceremony.
The Philippine and Japanese governments also finalized the grant for Human Resource Development Scholarship.
“Today, I am happy to announce that the Japanese Government has granted two PhD slots for the Philippines, in addition to the 20 master’s degree scholars we deploy annually,” Pernia said.
“This will surely contribute to our efforts in ramping up economic activities, and particularly in the infrastructure sector,” he said.
Last week, NEDA’s Investment Coordination Committee-Cabinet Committee approved a loan increase from JICA covering two projects. The combined value of the loans was raised to P2.18 billion from P1.23 billion.
This will be used to partly finance the P7.77 billion New Bohol Airport construction project which aims to replace the existing Tagbilaran Airport.
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