Japan Reaffirms Support for Philippines’ Upper Middle-Income Goal

TOKYO – Prime Minister Fumio Kishida has reassured the Philippines of Japan’s commitment to assisting the nation in achieving Upper Middle-Income Country (UMIC) status by 2025.

Kishida made this declaration during a courtesy call from a delegation led by Finance Secretary Benjamin Diokno and other Philippine government officials on Aug. 28 at the Prime Minister’s Office, aimed at further enhancing bilateral cooperation between the two countries.

The Japanese premier emphasized the significance of the Japan-Philippines High Level Joint Committee on Infrastructure Development and Economic Cooperation, which convened on the same day, in realizing this objective.

In response, Diokno expressed gratitude for Japan’s long-standing contribution, including infrastructure development of the Philippines, and stated that he would like to further deepen economic cooperation.

“We are grateful for Prime Minister Kishida’s commitment to support the Philippines’ pursuit of the upper middle-income country status through impactful ODA and private-sector investments,” Diokno said.

Japan is the Philippines’ largest Official Development Assistance (ODA) provider of loan and grant commitments, amounting to approximately US$ 12.92 billion, or about 40.5 percent of the country’s overall ODA portfolio. This includes support for various projects in infrastructure, disaster risk mitigation, food security, education, health, maritime safety, peace and development in Mindanao, and job creation, among other areas. - Florenda Corpuz

(Photo courtesy of Cabinet Public Affairs Office)