MANILA - The Department of Finance on Tuesday unveiled the Subic Bay Regional Development Master Plan which was finalized with the assistance of the Japan International Cooperation Agency (JICA).
The master plan will serve as a "blueprint" to maximize the economic development potentials of Subic Bay and surrounding areas, the DOF said in a statement.
The finalized Master Plan was furnished by Japanese Ambassador to the Philippines Kazuhiko Koshikawa to Finance Secretary Carlos Dominguez on April 7 in Manila.
The Japanese rendered technical support to the master plan, the DOF said.
“We deeply appreciate the Japanese Government’s close coordination and expeditious fulfillment of the commitment to the Subic Bay development masterplan, despite the challenges posed by the COVID-19 pandemic during its preparation,” Dominguez said.
The DOF said the finalized master plan covers the development projects in the road network for Olongapo's Central Business District and Subic Bay West Coats, logistics terminals such as Alava Wharf as well as public utilities such as the Philippine Coast Guard's new support facilities.
Philippines and Japan signed the memorandum of cooperation on Subic Bay Regional Development in December 2019, the agency said.
Japan is the country's top official development assistance (ODA) partner with a net loan commitment of about $10.02 billion and grant amount of $181.15 million or 31.84 percent of the country's total ODA portfolio.