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Manila Bulletin devider Business devider PH signs Japanese loan for MRT-3 rehab

PH signs Japanese loan for MRT-3 rehab

Published May 26, 2023 08:28 am
The governments of Japan and the Philippines signed a fresh P6.79 billion loan agreement for the second phase of the Metro Rail Transit Line 3 (MRT-3) rehabilitation project that aims to improve the safety and comfort level of the railway. In a statement, the Embassy of Japan in the Philippines said that Tokyo and Manila signed the exchange of notes for the 17.4 billion yen loan, or roughly P6.79 billion, to finance the continuation of the MRT-3 rehabilitation. According to the Japanese embassy, the loan agreement was signed by Japan Chargé d'Affaires ad interim Kenichi Matsuda and Philippine Foreign Affairs Secretary Enrique Manalo. “In this second phase of the project, Japan will assist the MRT-3’s continued maintenance and will connect it to the Common Station for passengers’ seamless transfer to LRT-1, MRT-7 and the Metro Manila Subway,” the Japanese Embassy said. “This Phase 2 project is expected to improve passenger convenience and promote the use of public transportation, contributing to sustained economic growth and reducing environmental burdens,” it added. Based on the loan terms and conditions, the yen-denominated financing is payable within 40 years at an interest rate of 0.1 percent per annum, including a 10-year grace period. It also charges 0.01 percent per annum for consulting services. MRT-3 is a 17-kilometer elevated railway that runs over the Epifanio de los Santos Avenue or EDSA, one of the most congested roads in Metro Manila. In the past, the line’s railroad and rolling stock deteriorated due to a lack of proper maintenance, resulting in reduced transportation capacity and frequent operational problems. In November 2018, the he Department of Finance (DOF) and the Japan International Cooperation Agency (JICA) signed a 38.1 billion yen loan agreement for the first phase of the MRT-3 rehabilitation project. From servicing 500,000 passengers per day in 2012, the MRT-3 was only able to accommodate around 388,000 passengers in 2017 owing to the deteriorating condition of the system, which led to stoppages, system failures, engine breakdowns, and faulty air conditioning units.
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