Japan extends $924-M loan for PH subway

Philippines President Rodrigo Duterte (C) shakes hands with Japanese Prime Minister Shinzo Abe (R) at the end of their signing ceremony and joint remarks announcement at Abe’s official residence in Tokyo on October 30, 2017.
Duterte arrived here early October 30 for a two-day visit. / AFP PHOTO / POOL / Toshifumi KITAMURA AND TOSHIFUMI KITAMURA

TOKYO — The first phase of the Metro Manila Subway Project will be funded by a 104.53-billion-yen ($924-million) loan from Japan, which is part of the more than $1 billion in loans that Prime Minister Shinzo Abe pledged during his meeting with President Rodrigo Duterte on Monday.

The loans include 9.399 billion yen ($83 million) for the Arterial Road Bypass Project in Bulacan province.

An exchange of notes on these loans will be signed by Philippine and Japanese officials in the future, according to a statement from Japan’s Ministry of Foreign Affairs (Mofa).

Japan has also committed a 15.928-billion-yen ($141-million) loan for the Cavite Industrial Area Flood Risk Management Project.

Foreign Secretary Alan Peter Cayetano and Japan’s Foreign Minister Taro Kono exchanged notes on the loan on Monday. Mr. Duterte and Abe witnessed the signing of documents.

Phase 1 of the Metro Manila Subway Project is expected to help address Metro Manila’s serious traffic congestion, as well as ease pollution and mitigate the effects of climate change.

“The implementation of this project is expected to contribute to sustainable growth by promoting investment in the Philippines,” the Mofa said.