A loan agreement amounting to 253.307 billion yen between the Philippines and Japan to fund the construction of the Metro Manila Subway Project (Phase 1) has been signed.
Japanese Embassy in the Philippines said the official development assistance (ODA) from the Japanese government was signed by the Japan International Cooperation Agency Philippines Representative Azukisawa Eigo and Finance Secretary Carlos Dominguez on Thursday, Feb. 10.
It is the second tranche funding, which follows Japan’s first tranche funding of 104.53 billion yen signed in March 2018.
Japanese Ambassador Koshikawa Kazuhiko, who attended the signing ceremony, affirmed Japan’s commitment to the Philippines’ infrastructure development.
“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,” the ambassador said.
He further assured that “the Metro Manila Subway will serve as one driving force to revitalize the Philippine economy" and "Filipinos can count on Japan to continuously extend our utmost support until this project is successfully completed."
The 17-station subway is one of the flagship developments under the Build, Build, Build infrastructure program. It is poised to reduce the travel time between Quezon City and Ninoy Aquino International Airport (NAIA) from the current 70 minutes to only 35 minutes.
It is also expected to address the worsening congestion in Metro Manila caused by poor road network and the rising population's demand for transportation.