THE PHILIPPINE and Japanese governments will sign this month a loan agreement for the first phase of the Metro Manila Subway and the Plaridel Bypass Road, the Department of Finance (DoF) said in a statement.
“The contract for the first tranche of the 104.5 billion yen or about $929.1 million loan for the first phase of the subway project and the 9.399 billion yen or $89 million loan accord for the third phase of the Plaridel Bypass Road Project in Bulacan, are both targeted to be signed on the last week of January 2018, once the Philippine government secures the approval of the Monetary Board and the Special Presidential Authority for these agreements,” the DoF said.
“The 15.928 billion yen ($142 million) loan agreement for the flood risk management project in the Cavite industrial area, meanwhile, is targeted for the Monetary Board’s final approval, with the effectivity of the loan targeted on the first week of February 2018,” it added.
President Rodrigo R. Duterte and Japanese Prime Minister Shinzo Abe witnessed the exchange of notes for the Metro Manila Subway and the Plaridel Bypass Road Project between Foreign Affairs Secretary Alan Peter S. Cayetano and Japanese Ambassador Kojie Haneda on the sidelines of the 31st ASEAN (Association of Southeast Asian Nations) Summit on Nov. 13.
At the summit, the heads of state also witnessed the ceremonial exchange of the signed loan agreements of the Cavite project between Finance Secretary Carlos G. Dominguez III and Japan International Cooperation Agency (JICA) Chief Representative to the Philippines Susumu Ito.
The first phase of the Metro Manila Subway project will run from Mindanao Avenue in Quezon City through the FTI complex in Taguig City, ending at the Ninoy Aquino International Airport in Parañaque City. The subway will help decongest EDSA and connect major business centers in Metro Manila to the country’s premier international gateway.
The 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 congestion in the town centers along the highway. The exchange of notes signed on Nov. 13 involves the project’s third phase.
The flood control project in Cavite, a region that hosts economic zones and residential communities, will benefit about 8,000 households as well as manufacturing plants in the cities of General Trias and Imus and the municipalities of Kawit, Noveleta and Rosario.
It involves the construction of flood protection measures along the San Juan River and Maalimango Creek Drainage Area of Imus.
The fourth Philippine-Japan Joint Committee Meeting on Infrastructure Development and Economic Cooperation will convene on Feb. 12 according to the DoF.
In the previous meeting, both countries agreed to speed up project implementation procedures.
The loans were offered by Mr. Abe during his trip to the Philippines in January 2017, when he pledged some 1 trillion yen, or $9 billion in Official Development Assistance (ODA) throughout the current administration’s term. — Elijah Joseph C. Tubayan
