ODA loan was signed
To strengthen forestland management in the Philippines, the Japanese government has earmarked the appropriation of an estimated about P5.084 billion. On last Tuesday during the four-day official visit of President Benigno S. Aquino III to Japan, the latest Official Development Assistance (ODA) loan was signed by Secretary of Foreign Affairs Albert del Rosario and Japanese Ambassador Toshinao Urabe. The signing was witnessed by Japanese Prime Minister Yoshihiko Noda and President Aquino.
The Japanese Embassy in Manila said that this yen loan have a repayment period of 40 years with a 10-year grace period and an interest rate of 0.3 percent per annum. It made possible through Japan International Cooperative Agency (JICA) provides concessional terms among various funding sources, he added. The new project aims to capacity building while promoting community based forest management strengthen forestland management involving several components such as forest land use planning, capacity building and construction of agro-forestry support facilities and community organizing.
The embassy said the activities for the project will include, among others, enhancement of upland economic development, establishment of improved watershed management systems, ecological restoration of degraded forestland, to benefit three critical river basins — Pampanga in Luzon ,Upper Magat in Cagayan, and Jalaur in the Visayas.