Japan Signs P112B Loan Assistance for Metro Manila Subway Project

Japan Signs P112B Loan Assistance for Metro Manila Subway Project

A total of ¥253.307 billion (~Php 112.06 billion) loan contract has been signed between Japan and the Philippines for the construction of the second tranche of the Metro Manila Subway Project.

Finance Secretary Carlos Dominguez III and Japan International Cooperation Agency (JICA) Philippines Representative Azukisawa Eigo signed the second loan contract which follows the initial ¥104.53 billion (~Php 47.58 billion) signed by both parties in March 2018. 

The new loan contract has a period of 40 years and a grace period of 13 years. According to JICA’s statement, the funding will be used for the construction of subway stations, underground tunnels between stations, and a depot, among other things. 

Mr. Azukisawa Eigo said, “I am pleased that our tunnel boring machine will soon start excavating under the Metro Manila area in the 2nd quarter of this year.” He also added that the project “will serve as one driving force to revitalize the Philippine economy.”

Once completed, the 7-station subway will serve around 370,000 passengers daily. It will also cut travel time from Quezon City to the Ninoy Aquino International Airport (NAIA) down to 35 minutes from the current 70 minutes.

The Metro Manila Subway project is expected to be completed in November 2027 and alleviate the serious traffic congestion in Metro Manila according to the Japan International Cooperation Agency (JICA).

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