President Gloria Macapagal-Arroyo led the inauguration of Sarrat Bridge, which is located along the Sarrat-Dingras Road in Ilocos Norte, on Wednesday, January 27th. Sarrat Bridge is part of the Japan-funded Urgent Bridges Construction Project for Rural Development which replaces old bridges with new bridges on national roads that lead to urban centers all over the country.
The project was made possible by the provision of 18.5 billion yen (approximately 8 billion pesos) loan from the Government of Japan, through the Japan International Cooperation Agency (JICA). With an interest rate of 0.95% per annum (0.75% for consulting services) and a 40-year repayment period with a 10-year grace period, this yen loan provides the most concessional terms among various funding sources.
With the completion of the 520-meter Sarrat Bridge over the Laoag River, the residents' and people at large can move more easily across towns and the flow of goods and services will become much smoother.
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. The completion of Sarrat Bridge together with the other 152 bridges included in the project, will improve the transportation network in Luzon and other areas all over the Philippines thus enhancing economic development in the regions.
Japan is the Philippines' largest source of ODA and has been a long-time partner in the construction and rehabilitation of national highways, particularly in the improvement of road networks and reduction of traffic congestion.
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