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Philippines to ink $1.6 billion loan deals with Japan in March

Business

Philippines to ink $1.6 billion loan deals with Japan in March

For Metro Manila subway, Dalton bypass road

By Chino S. Leyco

The Japan International Cooperation Agency (JICA) is set to sign two loan agreements with the Philippines this month for a road project in Northern Luzon and the Metro Manila subway project (MMSP).

The Department of Finance (DOF) said that JICA and the government are finalizing loan deals for the Dalton Pass East Alignment Road Project (I) and the MMSP Phase 1 Tranche III, totaling a combined 250-billion Japanese yen, or around $1.66 billion.

The Dalton project, with a budget of P67.4 billion, plans to construct a 23-kilometer bypass road connecting Cagayan Valley and the Cordillera Autonomous Region.

Meanwhile, the MMSP loan is a part of the P488.5 billion project funding, primarily supported by a P370.7 billion official development assistance loan from JICA.

The MMSP project received the first tranche of P38.8 billion in March 2018 from JICA, followed by the second tranche of P94.1 billion in February 2022.

JICA is currently providing funding for seven out of the 10 largest infrastructure flagship projects in the Philippines.

These projects include the MMSP, the North-South Commuter Railway (NSCR), and the Cebu-Mactan Bridge and Coastal Road Construction Project.

“JICA Philippines’ Chief Representative Sakamoto Takema expressed his desire to engage in new projects with the Philippines,” the DOF said.

During the meeting last Friday, Takema and Finance Secretary Ralph G. Recto discussed ways to strengthen the cooperation between the Philippines and Japan.

Related Tags

Department of Finance (DOF) Japan International Cooperation Agency (JICA) Metro Manila Subway project ralph recto Finance Secretary

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