Transportation Secretary Jaime Bautista, Finance Secretary Ralph Recto, and other officials conduct a site visit on the Metro Manila Subway in Valenzuela City on Monday, Feb. 26, 2024. (Photo from the DOTr Facebook account)
MANILA, Philippines — The Department of Transportation (DOTr) is set to enter into the third tranche of loan agreement for the Metro Manila Subway Project (MMSP) by March 2024.
The loan worth P55.7 billion will come from the Japan International Cooperation Agency (JICA), the DOTr said in a statement on Tuesday.
READ: Metro Manila Subway construction begins
MMSP, the country’s first-ever underground mass transport system, is also currently being financed by JICA through two active loan agreements amounting to P38.8 billion and P94.1 billion.
Transportation Secretary Jaime Bautista, Finance Secretary Ralph Recto, and other officials conduct a site visit on the Metro Manila Subway in Valenzuela City on Monday. (Photo courtesy of DOTr Facebook)
Transportation Secretary Jaime Bautista also expressed confidence that the government would secure the funding with the help of the Department of Finance (DOF).
“It is DOF negotiating with JICA,” Bautista said during the site visit on the MMSP in Valenzuela City on Monday.
“With the support of JICA, we are implementing this project on time for completion in 2029,” he added.
Finance Secretary Ralph Recto, who was also on the site visit, committed to helping the DOTr finish the project on time.
READ: Metro Manila Subway to be fully operational in six years – DOTr
“The Department of Finance is fully committed to securing the funding for this project. We aim to finalize the loan agreement for the 3rd tranche of financing by March 2024,” Recto said.
The MMSP includes the construction of a depot and a 33-kilometer railway line consisting of 17 stations that will connect Valenzuela City to Pasay City by 2029.
READ: P157-B Japan loans keep PH rail project on track
Once operational, the DOTr said that the subway will reduce travel time from Valenzuela City to Ninoy Aquino International Airport from one hour and 30 minutes to just 35 minutes, serving 519,000 passengers daily.