The Philippines will be signing the loan agreement for the first tranche of funding for the first phase of Metro Manila Subway Project being extended by the Japanese government, the Department of Finance (DOF) said.
The contract for the first tranche of the 104.5 billion yen (approximately $929.1 million) loan for the first phase of the subway project along with 9.399 billion yen ($89 million) loan accord for the third phase of the Plaridel Bypass Road Project in Bulacan are being targeted to be signed within the last week of January.
DOF said the approval of the Monetary Board and the Special Presidential Authority for these agreements need to be secured first.
In November last year, President Duterte and Japan Prime Minister Shinzo Abe witnessed the exchange of notes for the Metro Manila Subway and the Plaridel Bypass Road Project on the sidelines of the 31st ASEAN Summit and Related Meetings.
The first phase of the 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.
The Taguig Integrated Terminal Exchange (ITX) is being built in FTI. Taguig ITX will serve Filipinos going to southern Luzon, Visayas, and Mindanao via RORO buses.
“The entire Plaridel Bypass Road Project involves the construction of a 24.61 kilometer arterial road that will link the North Luzon Expressway in Balagtas, Bulacan with the Philippine-Japan Friendship Highway (Maharlika Highway) in San Rafael, Bulacan to help alleviate the perennial traffic congestion at the core urban areas along the highway. The exchange of notes signed last Nov. 13 involves the project’s third phase,” DOF said.