MANILA – Japan and the Philippines on Thursday inked a loan agreement worth 253.3 billion yen (PHP112.1 billion) for the Metro Manila Subway Project Phase 1.
According to the Japanese Embassy in Manila, this second tranche of official development assistance loan follows Tokyo’s initial tranche of 104.53 billion yen in March 2018.
In a ceremony attended by Japanese Ambassador Koshikawa Kazuhiko, Finance Secretary Carlos Dominguez III and Japan International Cooperation Agency (JICA) Philippines Representative Azukisawa Eigo signed the agreement.
“The Metro Manila Subway was first planned in the 1970s, but it remained a plan for about half a century. Through the strong push and determination of the Duterte administration, this ‘project of the century’ is now steadily progressing. I am pleased that our tunnel boring machine will soon start excavating under the Metro Manila area in the 2nd quarter of this year,” Koshikawa said Thursday.
The envoy expressed hope that this project will serve as “one driving force” in revitalizing the Philippine economy.
“Filipinos can count on Japan to continuously extend our utmost support until this project is successfully completed,” he said.
The 17-station subway, one of the flagship developments under the “Build, Build, Build” program, will reduce travel time between Quezon City and Ninoy Aquino International Airport (NAIA) from the current 70 minutes to only 35 minutes.
It also aims to address the worsening traffic congestion in Metro Manila caused by a deteriorating road network and an increasing population’s demand for transportation.
