Japan to provide P46 billion to help fund the Manila Subway project


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President Rodrigo Duterte and Prime Minister Shinzo Abe were in agreement to help further strengthen ties between Philippines and Japan.

The two leaders witnessed the signing of diplomatic notes during the ASEAN summit. After the signing of notes, a loan agreement is expected to be signed in January, as per the timeline of the Department of Transportation in the Manila Subway project.

The ambitious project is expected to be finished by 2027 and will help transport a total of 500,000 passengers daily.  It will run from Mindanao Avenue in Quezon City to Food Terminal in Taguig City and may even extend up to NAIA, as per an article by ABS-CBN.

The agreement will include Japan’s provision of 104.53 billion yen (P46 billion) to help fund the first phase of the subway project. It also covered the 9.4 billion yen (P4 billion) loan for the Philippine-Japan Friendship Highway which will run from Plaridel, Bulacan to Manila.

Japan will also help in the rebuilding of Marawi by providing 2.5 billion yen (P1 billion) grant.

Japan’s Ministry of Foreign Affairs stated that the three major projects costs 1 trillion yen and these were all planned in support of the Philippines for the next five years.

This article has been viewed 369 times. Article originally posted: November 14, 2017, 5:28 pm (UTC-0). Last update: November 14, 2017 at 5:28 pm (UTC-0).

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