Metro Manila (CNN Philippines, April 26)— The Department of Finance (DOF) unveiled Tuesday the new development master plan for Subic Bay that has been finalized by Japan.
In a statement, the DOF said it will serve as a blueprint to maximize the region’s economic development potential and its surrounding areas.
Furnished by Japanese Ambassador to the Philippines Kazuhiko Koshikawa to Finance chief Carlos Dominguez III last Apr. 7, the plan was finalized with the assistance of a Japan International Cooperation Agency (JICA) survey mission team.
The agency further noted that the master plan envisages Subic Bay’s economic future, along with concrete development proposals in both public and private sectors. It has proposed projects in the industrial promotion, port, airport, road and public transportation, disaster risk management and maritime safety, and environmental protection sectors.
These include possible road networks for Olongapo’s Central Business District and Subic Bay West Coast, logistics terminals like the Alava Wharf, and public utilities like new support facilities for the Philippine Coast Guard.
The plan aims to help the Philippines unleash the region’s full potentials, which include port capacity and connectivity with hinterlands “with a view to helping continued efforts to decongest Metro Manila,” added the DOF.
Manila and Tokyo’s joint effort to come up with such master plan started in late 2019, the agency said.
“We deeply appreciate the Japanese Government’s close coordination and expeditious fulfillment of the commitment to the Subic Bay development masterplan, despite the challenges posed by the COVID-19 pandemic during its preparation,” said Dominguez.
Japan is the Philippines’ top official development assistance partner to date. It has a net loan commitment of around $10.02 billion and grant amount of $181.15 million – representing nearly a third of the country’s overall ODA portfolio.
