2nd Tranche of Japanese ODA Loan Agreement for Metro Manila Subway Signed
2022/2/10
On February 10, 2022, Ambassador KOSHIKAWA Kazuhiko attended the signing ceremony for the 2nd tranche of an ODA loan agreement amounting to 253.307 billion yen to fund the Metro Manila Subway Project (Phase 1) between the Japan International Cooperation Agency (JICA) and the Department of Finance. Finance Secretary Carlos G. Dominguez III and JICA Philippines Representative AZUKISAWA Eigo signed the Agreement which follows Japan’s 1st tranche funding of 104.53 billion yen, signed in March 2018.
Ambassador Koshikawa affirmed Japan’s commitment to the Philippines’ infrastructure development. “The Metro Manila Subway was first planned in the 1970s, but it remained a plan for about half a century. Through the strong push and determination of the Duterte administration, this “project of the century” is now steadily progressing. I am pleased that our tunnel boring machine will soon start excavating under the Metro Manila area in the 2nd quarter of this year”.
Ambassador Koshikawa further assured that, “the Metro Manila Subway will serve as one driving force to revitalize the Philippine economy. Filipinos can count on Japan to continuously extend our utmost support until this project is successfully completed”.
As one of the flagship developments under the Build, Build, Build program, the 17-station subway will reduce the travel time between Quezon City and Ninoy Aquino International Airport (NAIA) from the current 70 minutes to only 35 minutes, and will address the worsening congestion in Metro Manila caused by poor road network and the rising population's demand for transportation.
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