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.