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PH and JICA sign a loan agreement for the MRT 3 rehabilitation project.

The government and the Japan International Cooperation Agency (JICA) inked a loan agreement on Friday for the JPY17.4 billion ($130 million) Metro Rail Transit (MRT) Line 3 Rehabilitation Project (II).

Benjamin Diokno, the secretary of the Department of Finance (DOF), and Sakamoto Takema, the head of JICA’s Philippine office, signed the agreement there.

Rolling stock, rail tracks, signaling systems, power supply systems, overhead catenary systems, communications systems, and depot and station equipment are all included in the capacity provisions for the restoration.

The National Economic and Development Authority Board approved the extra financing for the MRT 3 on February 2, 2023, according to a statement from the Finance department.

It will be utilized to pay for the PHP29.6 billion project cost increase that resulted from the Department of Transportation’s increased scope of work submission.

Included in these are integration and capacity expansion, total rehabilitation, operation and maintenance concession timed to coincide with the Build-Lease-Transfer agreement’s expiration in 2025, as well as an addition and extension of maintenance work to take into account the six-month period of community quarantine brought on by the pandemic.

With a 10-year grace period, the loan must be returned in 40 years at an interest rate of 0.10 percent per year for non-consulting services and 0.01 percent per year for consulting services.

Japan is the country that provides the Philippines with the most official development aid (ODA), with $10.4 billion in commitments as of March 2023, including loans and grants.

According to the DOF, agreements for loans totaling JPY377 billion ($2.8 billion) have already been made with JICA for the first quarter of 2023.

The North-South Commuter Railway (NSCR) Project Phases 1 and 2 and the NSCR Extension Project (II) are two of these projects.

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