Home | Money Matters | Japan pledges aid of JPY 104.53b for mega subway
JICA releases plans for Mega Manila Subway. (Photo courtesy by Philippine Primer)

Japan pledges aid of JPY 104.53b for mega subway

Japan has pledged to provide a loan worth JPY 104.53 billion (USD923.41 million) for the Metro Manila Subway Project (MMSP) which is expected to ease traffic congestion in the metropolis.

The amount represents the initial tranche of aid to be provided by the Japanese government for the MMSP, according to the Department of Transportation (DOTr).

The exchange of notes for the railway project was signed during the bilateral meeting between President Rodrigo Duterte and Japan Prime Minister Shinzo Abe Monday on the sidelines of the 31st Association of Southeast Asian Nations (ASEAN) Summit.

The exchange of notes signifies that the details of the project and its financing have been settled paving way for the signing of the loan agreement on January next year.

“The Exchange of Notes and Loan Agreements for subsequent tranches will be signed as the project advances in implementation,” the DOTr said in a statement Thursday.

The PHP355.6 billion MMSP will have fourteen stations from Mindanao Avenue in Quezon City up to the Ninoy Aquino International Airport (NAIA) with its groundbreaking expected by fourth quarter of 2018.

The subway system is envisioned to be an underground mass transportation system connecting major business districts and government centers which is expected to serve 370,000 passengers daily in its opening year. Its following phases would involve extending lines up to San Jose del Monte, Bulacan north of Metro Manila and up to Dasmarinas, Cavite south of Metro Manila.

During the Japan-Philippines Summit held in Tokyo from October 30-31, 2017, Prime Minister Shinzo Abe pledged Japan’s commitment to President Duterte to finance approximately JPY 600 billion of the subway’s project cost.  (PNA)

 

Facebooktwitter

About mindanao goldstar daily

mindanao goldstar daily

TREND MAKER. Mindanao Gold Star Daily was established in 1989 to set ablaze a new meaning & flame to the local newspaper business. Throughout the years it continued its focus and interest in the rural areas & pioneered the growth of countryside journalism.

Check Also

M’nao Wesm full ops eyed in June 2018: NGCP exec

By Nora Sorino, Iligan Bureau Chief, Sita Asequia and Ric Palahang, Correspondents The Wholesale Electric ...

DISCLAIMER: We welcome fiery exchanges but we do not tolerate ad hominem attacks, casting criminal and false aspersion on our reporters and opinion writers. We reserve the right to delete, reproduce or modify comments posted on our website without prior notice.


POSTING RULES: Do not use obscenity. Stick to the topic discussed. Do not veer away from the discussion and be respectful at all times. Do not use CAPITAL LETTERS as this means shouting in the thread.

Leave a Reply

Your email address will not be published. Required fields are marked *