PH, Japan set to seal first infra loan in March

For Metro Manila subway

LAPU-LAPU CITY—The governments of the Philippines and Japan would sign their first loan agreement for the Duterte administration’s ambitious infrastructure projects in March this year, the Department of Finance (DOF) said yesterday.

Following the Fourth PhilippinesJapan Joint Committee on Infrastructure Development and Economic Cooperation meeting here, Finance Secretary Carlos G. Dominguez III said they expect to seal the loan agreement for Metro Manila Subway project before the end of this quarter.

Dominguez, however, declined to give any estimates on the financing the Philippines may get from the Japanese government.

The National Economic and Development Authority earlier raised the project cost for the Metro Manila Subway project to R356.9 billion. It is not yet determined if the Japanese would fully-fund the subway development.

“The first tranche of the loan for the Metro Manila Subway Project is due for signing in March, 2018. Both sides agreed to work towards the partial operability of the subway line by 2022,” Dominguez told reporters.

Meanwhile, Dominguez said that they got an assurance from the Japanese government to speed up project and loan as well as grant processing for key infrastructure projects of the Philippines.

He explained the Japanese would shorten the