Ceremony for the Signing and Exchange of official documents on economic cooperation conducted in the presence of Prime Minister Koizumi and President Macapagal-Arroyo

Prime Minister Junichiro Koizumi met with President Gloria Macapagal-Arroyo of the Republic of the Philippines at the Prime Minister's Official Residence.

During their meeting the two leaders agreed that the relations between Japan and the Republic of the Philippines are proceeding well and affirmed their intent to cooperate closely as mature partners both on the regional and global levels. The leaders issued a Joint Statement stressing their regional and global cooperation for the 21st century.

Furthermore, in response to Prime Minister Koizumi's explanation of his structural reforms leaving no sacred areas, President Arroyo underlined her support for reform, saying "The Koizumi reform is very important for the Asia-Pacific region."

Prime Minister Koizumi also explained the difficult fiscal situation that Japan faces and asked for the understanding of the President for the overall reduction of 10% to Japan's Official Development Assistance (ODA) and for the need to make more effective use of ODA funds. President Arroyo responded that efforts would be made to promote more effective use of ODA and to improve the safety situation in the Republic of the Philippines.

Following talks, a signing ceremony were held in the presence of the two leaders, and official documents were exchanged for the "Subic-Clark-Tarlac Expressway Project."