The 253.307 billion yen Loan Agreement between the Philippines and Japan to fund the construction of the Metro Manila Subway Project, Phase 1, has been signed.
The 253 Billion loan is the second tranche funding, after Japan loaned 104.53 billion yen to the Philippines in March 2018.
The Metro Manila Subway, known as the “project of the century” is now steadily progressing. The tunnel boring machine will soon start excavating under the Metro Manila area in the 2nd quarter of this year.
The Metro Manila Subway will serve as one driving force to revitalize the Philippine economy” and “Filipinos can count on Japan to continuously extend our utmost support until this project is successfully completed.
The 17-station subway is one of the flagship developments under the Build, Build, Build infrastructure program. It is poised to reduce the travel time between Quezon City and Ninoy Aquino International Airport (NAIA) from the current 70 minutes to only 35 minutes.
It is also expected to address the worsening congestion in Metro Manila caused by poor road network and the rising population’s demand for transportation.
#MetroManilaSubwayUpdate #ManilaSubwayPhase1