Your Excellency Mr. ALBERTO G. ROMULO,
Secretary of Foreign Affairs;
DISTINGUISHED GUESTS;
LADIES AND GENTLEMEN:
It is a great honor and pleasure for me to sign and exchange, with Your Excellency, Notes for the supplemental loan amounting to 17.1 billion yen (approximately 7.1 billion pesos) for the Subic-Clark-Tarlac Expressway Project (SCTEP). At an interest rate of 0.95% per annum and a 40-year payment period with a 10-year grace period, this yen loan provides the most concessional terms, allowing the Philippine Government to maximize funding sources.
This project, which involves the construction of a 94-kilometer, four-lane, asphalt concrete pavement expressway, started in 2001, funded by Yen Loan. With the signing of this supplemental loan, the total project amount is now 59 billion yen, approximately 28 billion pesos.
Last week, I attended the soft opening of the Subic-Clark segment, together with Her Excellency President Gloria Macapagal-Arroyo. The Expressway will provide a direct link among Subic Bay Freeport and Special Economic Zone, the Clark Special Economic Zone and the Central Techno Park in Tarlac. This project will facilitate human and cargo transport in the Central Luzon area and contribute to the integrated and sustainable development of the regional economy. I am confident that this newly built world-class highway will advance further the development of Clark and Subic as the best international service and logistics center in the region, as mentioned in President Arroyo's 10-point agenda.
In closing, I would like to reiterate Japan 's unwavering commitment as a friend and partner of the Philippines in its nation-building efforts. I hope this project will be another milestone of the Partnership for Comprehensive Cooperation between Japan and the Philippines .
Maraming salamat po at Mabuhay tayong lahat!
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Embassy of Japan in the Philippines