Finance Secretary Carlos Dominguez III said the “fast and sure” strategy adopted by the Philippines and Japan in processing the loan agreements and grants for infrastructure projects is a precedent-setting approach that can become a model for other countries to follow. 

In a statement on Tuesday, Dominguez thanked Hiroto Izumi, the former Special Advisor to the Japanese Prime Minister, for initiating this “fast and sure” strategy.

The finance chief said the cooperation led to the swift approval of concessional loans to the Philippines in support of 16 big-ticket infrastructure projects under “Build, Build, Build.

These include the Philippines’ single most significant infrastructure project—the Metro Manila Subway that Japan is supporting through a loan amounting so far to 357.8 billion yen (approximately $3.1 billion) as of February 2022

The “fast and sure” approach enabled Japan and the Philippines to process and complete loan approvals for most of these projects in only three to six months.  

Dominguez also acknowledged the contributions to the strengthening of the economic ties between the two countries  of Mori Masafumi, the current Special Advisor to the Japanese Prime Minister, and the late Shigeru Kiyama, the  former Special Advisor to  the Japan Cabinet, whom he described as a “great guide and teacher.”

Through the Philippines-Japan High-Level Joint Committee on Infrastructure Development and Economic Cooperation, officials of both countries, led by Dominguez and Izumi, met at least twice a year starting in March 2017 to discuss the progress of the Japan-supported projects.

They also discussed Tokyo-backed programs to support the Mindanao peace process and other areas of sectoral cooperation.

Masafumi led the Japanese side in the 12th  and final high-level meeting under the Duterte administration held in February this year.