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Japan to offer 5B in yen loans to PH

TOKYO – Prime Minister Shinzo Abe is looking to offer five billion yen ($48.2 million) in loans when he meets with President Duterte next week, bilateral diplomatic sources said Saturday.

The financial support is aimed at helping facilitate agricultural development in the southern Philippine island of Mindanao, according to the sources.

Duterte, who will make his first visit to Japan on Tuesday, was a longtime mayor of Davao City on the island.

The deal will come after Duterte’s four-day visit to China this week underlined the Philippines’ diplomatic shift to move closer to Beijing and away from Washington. (PNA/Kyodo)