PH secures P75B loan from JICA for 2 infra projects

The Department of Finance has inked two loan agreements with the Japan International Cooperation Agency amounting to a total of P75.5 bilion to cover the construction of big-ticket infrastructure projects in Visayas and Mindanao.

These projects include the P57 billion 3.3-kilometer Cebu-Mactan fourth bridge and the 4.9-km four-lane coastal road, the and the P18.5 billion Davao City bypass.

The government has been trying hard to catch up with its infrastructure targets in a bid to revive the local economy.

Debts are expected to rise further from end-April’s P8.6 trillion.

The Davao project is seen as more game-changing as the long four-lane road will include a mountain tunnel that will use Japanese expertise in construction.

It is targeted for completion by 2023.

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