By BERNADETTE D. NICOLAS | Business Mirror

AT least 34 projects meant to develop the Subic Bay and surrounding areas are embodied in a master plan recently finalized, with Japan’s help, to further transform into an economic powerhouse one of the country’s most promising zones.

The Philippines and Japan welcomed the finalization and publication of the Subic Bay Regional Development Master Plan when Finance Secretary Carlos G. Dominguez III met Japan Foreign Affairs Minister Yoshimasa Hayashi on Monday in Tokyo, the Embassy of Japan in the Philippines said in a statement.

Dominguez expressed his deep appreciation for Japan’s expeditious fulfillment of the plan, which is expected to contribute to the economic development of the Subic Bay Area.

The master plan outlines 34 projects in Subic Bay and its surrounding areas in the fields of road network development, port sector, airport sector, disaster risk management, industrial promotion, and environmental protection.

The technical assistance to formulate a regional development master plan for Subic Bay commenced, following the Japan–Philippines Summit Meeting in November 2019, when then Prime Minister Shinzo Abe conveyed Japan’s intention to render assistance.

Dominguez, at his meeting in Tokyo with Hayashi, also thanked Japan’s support for the Duterte administration’s massive infrastructure program “Build, Build, Build, and for its assistance in the country’s response against Covid-19.

With the recent passage of economic liberalization bills on foreign investments in the Philippines, Dominguez expressed optimism that this will further broaden avenues of cooperation with Japan.

For his part, Hayashi vowed to continue close coordination with the Philippines on infrastructure development, including the Philippine Coast Guard’s new facility in Subic Bay.

He also said they will continue to support the country in its response to Covid-19 and provide socioeconomic assistance for Mindanao.

Meanwhile, the two ministers discussed cooperation in economic security and concurred on strengthening cooperation in response to issues of safety and reliability of critical infrastructure as well as economic coercion.

On the Russia-Ukraine conflict, Dominguez said he is also willing to coordinate with Japan in light of the war’s impact on price increases in the Philippines.

Manila, he noted, has voted in favor of relevant resolutions and condemned the invasion at the United Nations General Assembly.

Hayashi pointed out that Russia’s aggression against Ukraine constituted an outright violation of international law and jeopardized the foundation of the international order that encompasses Asia.

The Japanese foreign affairs official also thanked Dominguez for his contribution as the Philippine Co-Chair of the Japan–Philippines High-Level Joint Committee on Infrastructure Development and Economic Cooperation.

Hayashi said he is willing to strengthen cooperation with the Philippines as Strategic Partners toward the realization of a “Free and Open Indo-Pacific,” on the recognition that free and open international order based on the rule of law is essential amid numerous challenges such as unilateral attempts to change the status quo by force. ~