Philippines, Japan sign $202-million loan deal for Mindanao roads

ABS-CBN News

Posted at Jun 19 2019 08:49 AM

Finance Sec. Carlos Dominguez and Japan International Cooperation Agency Senior Vice President Yasushi Tanaka shake hands after signing a $202-million (P10.5 billion) loan agreement to build and improve roads in Mindanao, including war-torn Marawi City. Department of Finance handout photo

MANILA -- The Philippines and Japan signed a $202-million (P10.5 billion) loan agreement to build and improve roads in Mindanao, including war-torn Marawi City, the Department of Finance said Wednesday.

The accord was reached on Tuesday at the conclusion of the Philippines-Japan Joint Committee on Infrastructure Development and Economic Cooperation in Clark, Pampanga, the DOF said in a statement.

The road projects aim to "reinvigorate local economies and reduce poverty in its communities by linking them to Mindanao’s trade centers," according to the statement.

Finance Sec. Carlos Dominguez and Japan International Cooperation Agency Senior Vice President Yasushi Tanaka signed the deal, according to the statement.