NextGen Day

On Thursday, Japan and the Philippines signed a credit agreement for the Metro Manila Subway Project Phase 1 worth 253.3 billion yen (PHP112.1 billion).

The Japanese Embassy in Manila stated this second tranche of official development assistance loan follows Tokyo’s first tranche funding of 104.53 billion yen, which was signed in March 2018.

The agreement was struck by Finance Secretary Carlos Dominguez III and Japan International Cooperation Agency (JICA) Philippines Representative Azukisawa Eigo in a ceremony also attended by Japanese Ambassador Koshikawa Kazuhiko.

“The Metro Manila Subway was first proposed in the 1970s, but it remained a concept for nearly 50 years. This ‘project of the century is currently steadily moving thanks to the Duterte administration’s strong push and resolve. “I am glad to announce that in the second quarter of this year, our tunnel boring machine will begin excavating beneath the Metro Manila area,” Koshikawa said on Thursday.

The envoy expressed confidence that this initiative will be “one driving factor” in the revitalization of the Philippine economy.

“Filipinos can count on Japan to provide unwavering assistance until this project is completed effectively,” he said.

The 17-station subway, which is one of the flagship projects under the “Build, Build, Build” program, will cut travel time between Quezon City and Ninoy Aquino International Airport (NAIA) from 70 minutes to 35 minutes.

It also aims to solve Metro Manila’s deteriorating traffic congestion, which is a result of the city’s deficient road network and expanding population need for transit.

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