Japan to Offer $48.2 Million Loans to the Philippines Under Pres. Duterte

The Japanese government who is considered as the Philippines largest trading partner is looking to offer $48.2 million (¥5 billion) or approximately P2.3 billion in loans when Pres. Rody Duterte and Japanese Prime Minister Shinzo Abe meet in a bilateral meeting this week.

See Also: Japan to Fund Davao City Underground Railway

The information of the possible P2.3 billion loan from Japan was revealed to the media particularly the Japan Times citing bilateral diplomatic sources.

Pres. Rody Duterte is scheduled to visit Japan on Tuesday, his very first state visit to discuss details about the said loan from the Japanese government who keeps on supporting the Philippines.

Under the deal between Japan and the Philippines, the Japanese government is expected to extend loans to financial institutions in Mindanao, the birthplace of Pres. Duterte, to help farmers expand business and improve productivity.

The loan offer from one of the world's leading industrial state, Japan comes after Pres. Rody Duterte underline the Philippines' diplomatic shift away from Washington toward Beijing's orbit during a four-day visit to China last week.

In a separate interview with CNN Philippines, Pres. Duterte revealed that once he will talk with the Japanese Minister Shinzo Abe, the South China Sea issued could be discussed but he cannot make any projections of what will happen.

The Japanese government is also seeking to cement ties with the Philippines with the agricultural assistance but how effective such an offer to Pres. Duterte will remain uncertain as they competes with China who already offered an economic package worth $24 billion from China.

Aside from the possible loan agreement between the Philippines and Japan, the Japanese already donated patrol ships to the Philippine Navy to strengthened the maritime capabilities of the Philippines.

Pres. Duterte and Prime Minister Abe already meet in Laos during the ASEAN Summit and during that meeting, the Prime Minister revealed that Duterte was "quite a famous figure also in Japan."

Source: The Japan Times

Japan to Offer $48.2 Million Loans to the Philippines Under Pres. Duterte Japan to Offer $48.2 Million Loans to the Philippines Under Pres. Duterte Reviewed by Phil Newsome on 10/24/2016 Rating: 5

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