Japan offers 8.7 billion USD package for Philippines

Japanese Prime Minister Shinzo Abe (L) and Philippine President Rodrigo Duterte (Photo: Reuters)

Japanese Prime Minister Shinzo Abe has announced an aid package worth one trillion JPY (8.7 billion USD), including Government support and private investment, for the Philippines in the next five years to help infrastructure development.

The statement was made on January 12 during PM Abe’s visit to the Philippines. He is the first foreign leader to visit the Southeast Asian country since President Rodrigo Duterte took office in June 2016.

 Speaking after talks with President Duterte, PM Abe said that Japan and the Philippines agreed to enhance maritime cooperation. 

Earlier, PM Abe said the Philippines is his first destination in 2017, affirming his priority to bilateral cooperation. He pledged to raise the two countries’ relations to a new height. 

Japan is one of the biggest investors of the Philippines, mainly in electricity, financial services and automobiles. 

After his two-day visit to the Philippines, PM Abe will visit Australia, Indonesia and Vietnam.

VNA

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