Japan and the Philippines signed the ¥253.307 billion (around P112 billion) loan agreement for the Metro Manila Subway Project (Phase 1) second tranche on Thursday, Feb. 10.
Ambassador Koshikawa Kazuhiko was present at the signing ceremony between the Japan International Cooperation Agency (JICA) and the Department of Finance (DOF).
The first tranche of the loan, worth ¥104 billion (P45.9 billion), was signed back in March 2018, according to the Embassy of Japan in the Philippines on Thursday. Japan's tunnel boring machines will start excavating under Metro Manila by the second quarter of 2022.
"[T]he Metro Manila Subway will serve as one driving force to revitalize the Philippine economy," Koshikawa said. "Filipinos can count on Japan to continuously extend our utmost support until this project is successfully completed."
The 17-station Metro Manila Subway is one of the flagship projects under President Rodrigo Duterte's "Build, Build, Build" program. It promises to reduce the travel time between Quezon City and the Ninoy Aquino International Airport (NAIA) from one hour and 30 minutes to just 35 minutes.
