PH to receive Japan initial funding for Metro Manila subway in March
The Philippines may soon receive an initial financing package from Japan for the implementation of the Metro Manila Subway, the country’s first subway line and the current administration’s flagship infrastructure project.
The two countries are expected to sign the first tranche of the loan agreement in March, after which the Philippines will receive the initial funding from Japan as official development assistance (ODA). The amount of the first tranche and the total loan are still being negotiated.
The subway project has an estimated cost of Php 355.6 billion. According to the construction plan, the underground rail system will extend 25 kilometers from Mindanao Avenue in Quezon City to the Ninoy Aquino International Airport. The construction is expected to start in the third quarter of 2018 and will be ready for partial operations in 2025. The completion of the subway is targeted to be in 2027.
During the fourth meeting of the Philippines-Japan High-Level Committee on Infrastructure and Economic Cooperation last February 12 at the Shangri-La’s Mactan Resort and Spa in Cebu City, the Philippines and Japan have both expressed a strong commitment to the construction of the Philippines’ first subway line. The meeting was attended by Finance Secretary Carlos Dominguez III and National Economic and Development Authority (NEDA) Secretary Ernesto Pernia leading the Philippine delegation, and Special Advisor to Japanese Prime Minister Shinzo Abe, Dr. Hiroto Izumi, leading the Japanese delegation.
Sources: GMA News Online, BusinessWorld
