De Venecia’s meeting with Koizumi is scheduled before noon at the Prime Minister’s office. With De Venecia are Deputy Speaker Raul del Mar and Reps. Junie Cua, Jack Duavit and Antonio Diaz.

Earlier Friday, De Venecia and wife Gina had a 40-minute private audience with the Japanese Emperor and Empress at the Imperial Palace, the second in nine years the Philippines leader had been granted an audience with the Emperor.

"This has been a very successful visit, which now opened the way for the restoration of about R4 billion in Japanese grants and the yen-packages that are vital to Philippines economic development," De Venecia said.

He and the House delegation were scheduled to return Sunday to Tokyo from Nagoya, where they addressed a large Filipino community celebrating the 22nd International Philippines Festival, Fiesta in Nagoya.

De Venecia said Japanese Finance Minister Sadakazu Tanigaki informed him last Thursday following a 30-minute meeting that "the way is now open for the restoration" of the grants and the commercial yen-packages of $ 600-800 million following the Philippine government’s settlement of some R70 million due to Japanese companies.

Before flying to Japan Wednesday, De Venecia said President Arroyo’s government had taken "decisive steps" to restore the Japanese grants he said "will lead to major, large-scale Japanese economic assistance to the Philippines."

De Venecia also had a 30-minute meeting last Friday with Kyosuke Shinozawa, governor of the Japan Bank for International Cooperation (JBIC), source of the yen packages that have been suspended since 2001.

De Venecia said "we’re now moving to finalize the restoration of the annual yen packages, which are major sources of capital funds" for the Philippines with 30-40 years’ repayment at less than one percent yearly.

The yen loans, De Venecia said, could fund "massive infrastructure building and development and various Philippines anti-poverty programs leading to the creation of thousands of jobs."

Since arriving in Tokyo Wednesday, De Venecia and his delegation have had a full schedule, including a bilateral meeting with Speaker Yohei Kono at the Japanese Diet (Parliament) and another with the Japan-Philippines Parliamentarians Friendship League (JPPFL).

De Venecia also had a series of meetings with top leaders of the ruling LDP and the chairman of the LDP Policy Research Council, Hidenao Nakagawa, as well as with the smaller parties such as Komeito and the opposition Democratic Party of Japan led by its secretary-general, Yukio Hatoyama.

In a series of speeches and interviews with the WINS International Channel, Asahi Shimbun and NHK, De Venecia asked for the revival of the Japanese initiative to create the Asian Monetary Fund (AMF), saying it is "time to do it now because there is no financial crisis."

The Asian Monetary Fund will complement and not compete with the International Monetary Fund, he said.

Japan first raised the concept of the AMF in the late 90s following the Asian financial crisis that sent Southeast Asian and East Asian economies into a tailspin. The AMF is intended to provide financial assistance and restore stability during crisis periods by aiding the recovery of stricken economies of the region.