By Beatriz Marie D. Cruz, A reporter
THE Philippine government is looking to sign 11 more loan agreements worth ¥371 billion (about P139 billion) in an effort to speed up infrastructure projects after a corruption scandal slashed public spending, the Department of Finance (DoF) said.
“We are looking at, this year 2026, the signing of 11 additional loan agreements with an estimated value of ¥371 billion or about $2.4 billion,” Finance Secretary Frederick D. Go said during the 42nd Joint Meeting of the PHILJEC-JPECC late Thursday.
“This shows continued alignment between our infrastructure priorities and Japan’s support,” he said.
The government is also looking to sign three loan agreements with the Japan International Cooperation Agency (JICA), the proceeds of which will fund important projects such as the Metro Manila Subway and the Mindanao Highway, said Mr. Go.
“Japan’s 2025 fiscal year ends in March.” The Philippines is looking forward to the signing of three important loan agreements with an estimated value of $1.58 billion (about P91.2 billion) that will be extended by JICA,” he noted.
Earlier this month, the two countries signed an exchange of notes for a ¥21.6-billion (P8.1-billion) loan agreement for the ongoing renovation of the Metro Rail Transit (MRT)-Line 3.
Since the beginning of the Marcos administration, the Philippines and Japan have signed 12 financial agreements worth ¥910.38 billion (about P341.2 billion).
Many of these projects are in their financing or construction stages, the DoF said.
“Each project demonstrates Japan’s reputation for high-quality infrastructure—durable, efficient, and future-proof. And each project demonstrates the Philippines’ determination to build better, faster, and smarter,” said Mr. Go.
As of December last year, Japan reached $13.9 billion or 33.54% of the Philippines’ total official aid (ODA) portfolio.
Japan is the Philippines’ largest ODA loan provider and the third largest source of ODA grants.
The government is looking to renew the Japan-Philippines Economic Partnership Agreement (JPEPA), said Mr. Go.
JPEPA, which entered into force in December 2008, is the Philippines’ first bilateral free trade agreement (FTA).
The agreement covers trade goods, rules of origin, customs procedures, investment, movement of natural persons, intellectual property, and government procurement.
Secretary of Commerce Ma. Cristina A. Roque earlier said she is looking to meet with her Japanese counterpart during the first quarter to discuss JPEPA.
Japan was the third largest market for the Philippines and the fourth largest source of imports by 2025.
Mr. Go also noted that the country’s long-term economic fundamentals remain strong despite the weak economic growth recorded last year.
Gross domestic product (GDP) growth has fallen to a five-year low of 4.4% in 2025 after a serious corruption scandal over public spending.
Despite this, the finance minister noted that Philippine GDP growth is above the global growth rate of 2.9%.
“If you look at our long-term growth trends, we will return to 5% this year,” he said.
In order to attract more investors, Mr. Go said the government is looking to implement reforms to improve the ease of doing business, increase public-private partnerships, and create an unpredictable and competitive investment environment.
