MANILA – The Philippine and Japanese governments signed an additional JPY253 billion (PHP115.6 billion) loan on Tuesday to fund the first phase of the Metro Manila Subway project.
The 25.3-kilometer Metro Manila Subway is a flagship project of the Duterte administration’s “Build, Build, Build” program, which is funded by Tokyo through the Japan International Cooperation Agency.
Its first phase connecting North and South of Manila, which would run from Mindanao Avenue in Valenzuela City to the FTI in Taguig City and finally to the Ninoy Aquino International Airport in Parañaque City, will effectively decongest traffic and connect Metro Manila’s major economic locations.
The additional cash will be used to expand the original planning line to include two more stations in the project, including a spur line to the NAIA and rail tracks that will also be used by the North-South Commuter Train, on top of the 104.53 billion Japanese yen loan signed in 2018.
“The Metro Manila subway will be a shining monument, better yet a state-of-the-art working system attesting to the deep friendship between the Philippines and Japan,” Foreign Affairs Secretary Teodoro Locsin Jr. said during the signing of exchange of notes with Japanese Ambassador Koshikawa Kazuhiko.
“It is fitting that this signing takes place as we commemorate this year the 65th Anniversary of the Normalization of our Diplomatic Relations and the 10th year of our Bilateral Strategic Partnership,” he added.
The construction of the subway began in February 2019 and will be the country’s first underground railway system when completed.
Representatives from the Department of Finance, Department of Transportation, and the National Economic and Development Authority at the Department of Foreign Affairs headquarters were present at the signing ceremony in Pasay City.