Japan's loan for Manila

Japan's loan for Manila

MANILA (AFP): Japan's Overseas Economic Cooperation Fund
(OECF) has approved a 20th yen credit package amounting to 100.9
billion yen or US$1.2 billion, the Philippines finance department
said yesterday.

The package will fund 14 projects, the largest being a 215-
million-dollar project for a coastal road in the central city of
Cebu.

The projects included support for agrarian reform, irrigation,
improvement of roads, maritime safety and air navigation, power
and flood control projects.

Acting finance secretary Romeo Bernardo and the heads of
several state financial institutions signed the agreement for the
Philippines while Masakazu Ishiguro, the OECF Manila
representative, signed for Japan.