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Japan, PH sign ‘exchange of notes’ on P18-B loan for MRT-3 rehab

By: - Reporter / @CMarquezINQ
/ 07:10 PM November 07, 2018

The Japanese government agreed to offer a 38-billion yen loan (P18 billion) for the rehabilitation of the Metro Rail Transit-3 (MRT-3) in an “exchange of notes” conducted on Wednesday.

Japan’s Ambassador to the Philippines Koji Haneda, who represented the Japanese government, said he was “delighted” that the country chose Japan for the rehabilitation of the MRT-3.

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“I am delighted that the Philippines chose japan as its partner to tackle problems of the MRT-3,” Haneda said during the signing ceremony. “The project will be set of Japan’s pledge of 38 billion yen or P18 billion to restore the MRT-3 back to a modified […] infrastructure.”

The loan from the Japanese agency will improve MRT-3 design such as the power supply system, railway system, closed circuit television system, elevators, escalators, and other equipment.

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Under the exchange of notes, the Japanese agency Sumitomo-Mitsubishi Heavy Industries will be tapped for the maintenance and rehabilitation work of MRT-3.

Newly appointed Foreign Affairs Secretary Teddy “Boy” Locsin Jr., who represented the country during the signing ceremony, said Japan is the best country for the MRT-3’s rehabilitation.

“With the MRT-3’s rehabilitation, we shall see improvements in service, efficiency, security, and convenience some of which the Japanese are the best,” he said.

Aside from the exchange of notes, a loan agreement for the MRT-3 Rehabilitation project will be singed on Thursday (Nov. 8). /ee

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TAGS: Department of Foreign Affairs, exhange of notes, Japan International Cooperation Agency, Metro Rail Transit 3, Philippine news updates
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