Japan finalizes the Subic Bay Regional Development Masterplan
The Department of Finance (DOF) has announced on Tuesday the official endorsement of the Subic Bay Regional Development Master Plan, which was finalized with the assistance of a survey mission team of the Japan International Cooperation Agency (JICA) and that will serve as a blueprint to maximize the economic development potentials of the Subic Bay and its surrounding areas.
The joint effort of the Philippines and Japan to formulate a regional development master plan for Subic Bay commenced with the decision by the two countries' leaders in November 2019--and the Memorandum of Cooperation to that effect in Hakone, Japan, in December 2019.
The finalized master plan was furnished by Japanese Ambassador to the Philippines Kazuhiko Koshikawa, to Finance Secretary Carlos Dominguez on April 7 in Manila.
During Dominguez's meeting on April 25 with Minister for Foreign Affairs of Japan Hayashi Yoshimasa, both sides welcomed the successful completion of the Master Plan that was yet another epitome of bilateral strategic partnership between the Philippines and Japan.
“We deeply appreciate the Japanese Government’s close coordination and expeditious fulfillment of the commitment to the Subic Bay development masterplan, despite the challenges posed by the COVID-19 pandemic during its preparation,” said Dominguez.
The master plan envisages Subic Bay region's economic future and concrete development proposals in both public and private sectors, with which the Philippine government unlocks the full potentials of Subic Bay, including the port capacity and the connectivity with its hinterlands, with a view to helping continued efforts to decongest Metro Manila.
Hayashi expressed hope that the publication of the master plan proves to be conducive to the enhancement of regional connectivity and coast guard capabilities of the Philippines.
The Philippines and Japan signed the Memorandum of Cooperation on Subic Bay Regional Development in December 2019 with the belief that such cooperation would serve both countries' common interests.
To be specific, the Japanese side rendered technical support to the formulation of the Subic Bay Regional Development Master Plan that maximizes the economic development potentials of the Subic Bay by harmonizing logistics, industry and living functions, as well as existing assets and new investments.
The finalized master plan has covered possible development projects in the fields of road network for Olongapo's Central Business District and Subic Bay West Coast, logistics terminals such as Alava Wharf, among others, and public utilities such as the Philippine Coast Guard's new support facilities.
To date, Japan remains to be the country’s top Official Development Assistance (ODA) partner, with a net loan commitment of about $10.02 billion, and grant amount of $181.15 million, accounting for 31.84 percent of the country’s total ODA portfolio. DOF
