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PIA Press Release

Japan commits funding support for three projects

Davao City (12 March) -- The Government of Japan, through its Ministry of Foreign Affairs (MOFA), committed to provide funding support for three projects during High-Level Consultations on Yen Loan Assistance with the Philippine government held at the National Economic and Development Authority (NEDA) Boardroom, Pasig City.

Representing the two countries were NEDA Deputy Director-General Rolando G. Tungpalan and Japan MOFA Director of Loan Aid Division, International Cooperation Bureau Takashi Miyahara.

The projects are:theproject Forestland Management Form of the Department of Environment and Natural Resources (DENR) costing some PhP4.52 billion, the Support Program for Agri-Enterprise Development (SPAED) of the Land Bank of the Philippines (LBP) worth some PhP9.6 billon and the Logistics Infrastructure Assistance Facility (LINAF) amounting to about PhP16 billion.

ProFORM is a 10-year project that aims to rehabilitate degraded economic conditions of affected communities in the three critical river basins in the Cordillera Administrative Region, Cagayan Valley (Region 2), Central Luzon (Region 3) and Western Visayas (Region 6).

The project aims to strengthen forestland management and improve the socioeconomic conditions and the quality of life of upland dwellers. ProFORM covers survey and mapping and forest land use planning, community organizing, site development (reforestation, agroforestry, silvopasture and enterprise development), agroforestry support facilities, policy initiatives, monitoring and evaluation, and project management. Of the total project amount, around PhP3.56 billion will be funded by JICA loan and government will counterpart PhP956.24 million.

The SPAED aims to spur economic growth and improve living conditions by providing new job opportunities and increasing the level of investments, particularly in the private sector and to make available short, medium and long term funds to address the credit needs of key players in the agricultural sector.

The project will mostly augment the existing fund supply of LBP to address the credit gaps of three priority sectors related to agriculture (small farmers and fisherfolks, small and medium scale enterprises and anchor firms/agribusiness enterprises) and direct lending and conduits, as well as project management and enhancement of information technology and human resources. To be implemented over five years, around PhP7.70 billon will be funded by loan and the rest will be the government counterpart.

Meanwhile, the LINAF aims to improve infrastructure which directly impact on prices of basic commodities; stimulate economic activity thru sea links between islands and regions; provide greater mobility for commuters, open up new markets for agricultural products and tourism and raise standards of logistics and distribution system to make the country competitive globally.

The project covers the provision of Roll-On Roll-Off vessels, roads, packaging transport and distribution facilities, bulk and cold chain and municipal markets. (NEDA-PIA XI) [top]

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