The Philippines and Japan will be signing the loan agreement for the first tranche of funding worth 104.5 billion yen or approximately $929.1 million for the Metro Manila Subway Project Phase 1 by March this year.
Philippine economic managers and Japanese delegation met for the fourth Philippines-Japan Joint Committee on Infrastructure Development and Economic Cooperation at the Shangri-La’s Mactan Resort in Cebu on February 12.
“Both sides agreed to work toward the partial operability of the subway line by 2022,” Finance Secretary Carlos G. Dominguez III said.
The first phase of Metro Manila Subway project will run from Mindanao Avenue in Quezon City up to FTI in Taguig City and end at the Ninoy Aquino International Airport in Paranaque City.
Full operation is expected 2027.