Japan, PHL sign loan agreement for development of PHL’s 1st subway

The Philippines and Japan today signed the loan agreement for the initial funding of the development of Philippines’ first subway, the Metro Manila Subway Project Phase I.

Department of Finance Secretary Carlos G. Dominguez signed the agreement on behalf of the Philippines, while Chief Representative Yoshio Wada signed on behalf of Japan through the Japan International Cooperation Agency (JICA).

“The 1st Phase of the Metro Manila Subway Project is the first subway that will be built in the Philippines. It involves the construction of about 30-kilometer underground railroad with 14 stations from Quezon City to Ninoy Aquino International Airport (NAIA),” the Department of Transportation (DOTr) said.

“This project will contribute to relieving serious traffic congestion in Metro Manila by meeting growing transportation demand, as well as easing atmospheric pollution and climate change,” the Japanese Ministry of Foreign Affairs said.

It added that the new subway is estimated to transport approximately 500,000 passengers per day in 2027, two years after the completion of the project, and to reduce the time required for moving from Mindanao Avenue Station to FTI Station to 30 minutes by express train, where it currently takes approximately two hours by car.

“This project is thus expected to contribute to sustainable economic growth through the promotion of investment in the Philippines,” the Japanese ministry said.

Sources: https://www.facebook.com/DOTrPH/videos/1065831136889355/; http://www.mofa.go.jp/press/release/press11e_000014.html