By Beatriz Marie D. Cruz, Reporter
THE PHILIPPINE government is looking to sign 11 additional loan agreements valued at 楼371 billion (around P139 billion) in a bid to fast-track infrastructure projects after a corruption scandal slowed public spending, the Department of Finance (DoF) said.
鈥淲e are targeting, this 2026, the signing of 11 additional loan agreements with a total estimated value of 楼371 billion or roughly $2.4 billion,鈥 Finance Secretary Frederick D. Go said during the 42nd PHILJEC鈥揓PECC Joint Meeting late Thursday.
鈥淭his reflects the continued alignment between our infrastructure priorities and Japan鈥檚 support,鈥 he said.
The government is also looking to the sign three loan agreements with the Japan International Cooperation Agency (JICA), proceeds of which will fund key projects like the Metro Manila Subway and the Central Mindanao Highway, Mr. Go said.
鈥淛apan鈥檚 fiscal year 2025 concludes this March. The Philippines looks forward to the signing of three critical loan agreements with a total value of approximately $1.58 billion (around P91.2 billion) to be extended by JICA,鈥 he noted.
Earlier this month, the two countries signed the exchange of notes for a 楼21.6-billion (P8.1-billion) loan deal for the ongoing rehabilitation of the Metro Rail Transit (MRT)-Line 3.
Since the start of the Marcos administration, the Philippines and Japan have signed 12 financing deals worth 楼910.38 billion (about P341.2 billion).
Many of these projects are in its financing or construction stages, the DoF said.
鈥淓ach project reflects Japan鈥檚 reputation for quality infrastructure鈥攄urable, efficient, and future-ready. And each project reflects the Philippines鈥 determination to build better, faster, and smarter,鈥 Mr Go said.
As of December last year, Japan accounted for $13.9 billion or 33.54% of the Philippines鈥 total official development assistance (ODA) portfolio.
Japan is the Philippines鈥 largest ODA loan provider and third-largest source of ODA grants.
The government is also looking to update the Japan-Philippines Economic Partnership Agreement (JPEPA), Mr. Go said.
The JPEPA, which took effect in December 2008, is the Philippines鈥 first bilateral free trade agreement (FTA).
The deal covers trade goods, rules of origin, customs procedures, investment, movement of natural persons, intellectual property, and government procurement.
Trade Secretary Ma. Cristina A. Roque earlier said she is looking to meet with her Japanese counterpart within the first quarter to discuss the JPEPA.
Japan was the Philippines鈥 third-largest export market and fourth-largest source of imports in 2025.
Mr. Go also noted that the country鈥檚 long-term economic fundamentals remain strong despite the weak economic growth recorded last year.
Gross domestic product (GDP) growth slowed to five-year low of 4.4% in 2025 after a corruption scandal weighed on public spending.
Despite this, the Finance chief noted that Philippine GDP growth is well-above the global growth average of 2.9%.
鈥淚f you look at our long-term growth trends, we will go back up to the 5% plus this year,鈥 he said.
To attract more investors, Mr. Go said the government is looking at implementing reforms to improve the ease of doing business, boost public-private partnerships, and create a predictable and competitive investment environment.
