PH asks Japanese banks to fund infra projects


Posted at Oct 18 2023 02:08 PM | Updated as of Oct 18 2023 05:50 PM

MANILA - The Philippines is asking Japanese banks to help finance the country’s infrastructure projects, the Department of Finance said on Wednesday. 

Finance Secretary Benjamin Diokno met with representatives of Japanese banks on Oct. 14 and told them about investment opportunities in Public Private Partnerships in the country’s infrastructure flagship projects, as well as its growing market for bonds and sustainable finance instruments.

Among the banks the DOF met were the Japan Bank for International Cooperation (JBIC), Mizuho Securities, and Nomura Holdings. 

The Philippines has been seeking other financiers for some of its flagship infrastructure projects after talks with Chinese banks stalled. 

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Construction of the Bicol Express train has been paused, according to the Philippine National Railways, The project was supposed to be funded with a loan of P142 billion from the Export Import Bank of China, but the loan has yet to be approved.

Aside from the Bicol Express, China was also supposed to fund the Subic-Clark Railway and Mindanao Railway. 

Japan meanwhile is already funding the Metro Manila Subway, and the North-South Commuter Railway, which are considered to be the biggest transport projects in the country right now.