EMBASSY OF JAPAN
2627 Roxas Boulevard, 1300 Pasay City, Philippines
Phone: 551-5710 Ext. 2314/2316 Fax: 551-5784
Press Office -
PR#60–2010, June 11, 2010
Japan-funded Cebu South Coastal Road Tunnel Inaugurated
President Gloria Macapagal-Arroyo and Japanese Ambassador Makoto Katsura attended the soft opening ceremony of the Subway (Tunnel) Section of the Cebu South Coastal Road located in Metro Cebu last Thursday, June10 th . The subway (tunnel) is one of the major components of the Japan-funded Metro Cebu Development Project Phase III (Cebu south Coastal Road) and is the last remaining section of the entire Cebu South Coastal Road Project.
The project was made possible by the provision of approximately 18.4 billion yen (approximately 9 billion pesos) loan from the Government of Japan through the Japan International Cooperation Agency (JICA). This yen loan provides concessional terms with an interest rate of 2.7% per annum (2.3% for consulting services) and a 30-year repayment period with a 10-year grace period.
The project covers a total length around 1km, including a four-lane tunnel road, located at the waterfront area in Cebu City. Metro Cebu has been suffering heavy traffic jams. After the completion of the Cebu South Coastal Road, Metro Cebu's road network is expected to improve, providing direct uninterrupted access from the Southern portion of Cebu City to the Central Business District of the city and the airport at Lapulapu City.
The project is in line with Japan's ongoing commitment to develop the infrastructure sector as a basis for further economic growth in the Philippines. By providing the important trunk road, Cebu South Coastal Road, it is expected to boost not only Metro Cebu's but also the entire Philippines' further development.