Business

Japan to speed up formulation of Subic Bay Freeport master plan



Jan. 12, 2020


(Photo by Triposo, Subic Bay Boardwalk)

SUBIC BAY FREEPORT ZONE - The Department of Finance (DOF) pushed for the "swift" creation of the action plan for the development of Subic Bay and its surrounding areas

In his opening remarks, Finance Secretary Carlos G. Dominguez III expressed his gratitude to Japan for their support in the formulation of the master plan. Dominguez met with Japanese Foreign Affairs Minister Toshimitsu Motegi in Manila on Thursday.

"I would like to thank the government of Japan for its support in the formulation of a master plan for the Subic Bay area and its surroundings. With the memorandum of cooperation for this commitment signed last month in Hakone, we look forward to Japan's swift creation of the action plan for this project," Finance Secretary Carlos Dominguez III told Japanese Foreign Affairs Minister Toshimitsu Motegi during their bilateral meeting in Manila.



The DOF earlier said the proposed master plan will outline possible projects in Subic Bay and its surrounding areas in the fields of road-network development, logistics terminal development, disaster risk management and other public-utilities development.

"Given what we have achieved in developing the Clark special economic zone, I am confident that the full development of Subic Bay will provide another important node for knowledge-based industries serving the whole of East Asia," said Dominguez.



He added that with the implementation of more flagship projects under the Duterte administration's ambitious "Build, Build, Build" expected to further accelerate in 2020, "we see more opportunities for financing and technical support from the government of Japan." "We likewise look forward to continuing our comprehensive partnership with the Asian Development Bank (ADB) with the support of incoming president Masatsugu Asakawa," the finance chief added.

The DOF chief said Japan was instrumental in the Philippines's economic development, being the top source of Official Development Assistance (ODA) which helped the country complete most of the vital infrastructure projects.

Secondary source: BusinessMirror



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