The Philippine government and the Japan International Cooperation Agency (JICA) have signed a financing agreement for Phase III of the Maritime Safety Capability Improvement Project for the Philippine Coast Guard (PCG) last Monday.
With a concessional financing of 64.38 billion yen or about P24.57 billion, the project involves the design, construction and delivery of five units of 97-meter multi-role response vessels (MRRVs).
It carries an interest rate of 0.3 percent and 0.2 percent per annum for non-consulting services, to be repaid in 40 years, inclusive of a 10-year grace period.
It also includes a five-year Integrated Logistics Support to ensure the sustainability and operation readiness of the MRRVs.
The agreement was signed by finance secretary Ralph Recto and JICA chief representative Takema Sakamoto.
Recto underscored that the new maritime vessels will steer the country towards the safe harbors of economic security and prosperity for all Filipinos.
“They will not only help strengthen our national security but also complement our broader infrastructure modernization program to spur rapid inclusive growth,” Recto said.
To date, 12 MRRVs have been provided to the Philippines by JICA under favorable terms for the first and second phases of the project as well as various PCG assets and capacity building through pure grant financing
Recto stressed that the vessels will better equip the PCG to fulfill its mission of protecting the country’s maritime sovereignty and defending the rights of Filipino fisherfolks.
He said the vessels will significantly enhance the PCG’s ability to prevent piracy, protect the environment, counter smuggling and immediately respond to search and rescue operations.
“In addition to the said hard component support, we have been supporting PCG continuously in terms of enhancing their knowledge and skills development through various technical cooperation programs such as long-standing dispatch of JICA experts, short-term trainings and scholarship programs. Proudly, I would like to reiterate that the best mix of hard and soft support is one of the beauties of Japan’s JICA’s unique cooperation,” Sakamoto said.
“Going forward, Japan will steadily continue its support for the PCG’s capacity development.
I sincerely hope that this project will further deepen the friendship and cooperative ties that Japan and the Philippines have built through the years,” Japan ambassador to the Philippines Endo Kazuya said.
