SFA, Japan envoy exchange notes for MM Subway Project Phase 1
SECRETARY of Foreign Affairs Teodoro L. Locsin Jr. and Ambassador Kazuhiko Koshikawa on July 27 signed and exchanged documents formalizing the second tranche of the loan for the Metro Manila Subway Project Phase 1.
The Japanese government is extending a loan worth ¥253-billion, or approximately $2.3 billion, through the Japan International Cooperation Agency for the realization of the first subway in the country. The current loan caps over the ¥1-trillion aid package promised by then-prime minister Shinzo Abe to President Duterte during the former’s visit to the Philippines in January 2017.
The Metro Manila Subway Project is a flagship project of the Build, Build, Build infrastructure program of the current administration, which aims to revitalize Philippine economy and development by providing a safe, fast and reliable mass transport system. The first phase of the 25.3-kilometer subway connecting the northern and southern portions of Metro Manila will run from Mindanao Avenue in Valenzuela City, through the FTI in Taguig City, and end at the Ninoy Aquino International Airport in Parañaque City, effectively decongesting traffic and connecting major business centers in Metro Manila.
“The Metro Manila subway will be a shining monument—better yet, a state-of-the-art working system attesting to the deep friendship between the Philippines and Japan” said Locsin. “It is fitting that this signing takes place as we commemorate this year the 65th anniversar y of the normalization of our diplomatic relations, and the tenth year of our bilateral strategic partnership.”
The signing ceremony was witnessed by representatives from the Department of Finance, Department of Transportation, as well as the National Economic and Development Authority.
Japan is the Philippines’s top overseas development assistance partner, with its long history of support for local development priorities spanning infrastructure, health, human resources, agriculture, education, humanitarian assistance and disaster relief, among many others.