‘Metro subway project will continue to completion’

FUNDING for the Metro Manila Subway Project (MMSP), the country’s first underground railway, will continue until it is completed, Transportation Secretary Jaime Bautista said.

The project is currently financed by two loan agreements and is expected to enter into a third tranche loan worth 150 billion yen by March 2024.

Bautista said they are discussing with the National Economic and Development Authority (NEDA) and Department of Finance (DoF) the review of draft documents pertaining to the loan deal provided by the Japan International Cooperation Agency (JICA) and the Government of Japan.

“It is DoF that is negotiating with JICA,” Bautista said.

“With the support of JICA, we are implementing this project on time for completion in 2029,” he added.

Bautista accompanied Finance Secretary Ralph Recto during the inspection of the subway’s tunnel being drilled starting at its Valenzuela depot.

Recto committed to helping the project get completed on time while right-of-way issues are being addressed by the Transportation department.

“The Department of Finance is fully committed to securing the funding for this project. We aim to finalize the loan agreement for the 3rd tranche of financing by March 2024,” Recto said.

The MMSP includes constructing a depot and 33-kilometer railway line consisting of 17 stations that will connect Valenzuela City to Pasay City with a spur line to Terminal 3 of Ninoy Aquino International Airport (NAIA) in Parañaque City.

Once operational, the subway will reduce travel time from Valenzuela to NAIA from 1 hour and 30 minutes to just 35 minutes, servicing 519,000 passengers daily.

Dubbed the country’s “Project of the Century,” the Metro Manila Subway is scheduled to open partially in 2025 and is projected to be fully operational by 2029.