Photo: DOTr
The Philippine government is set to finalize the third tranche of loan financing for the country’s first underground railway system with its Japanese counterpart next month.
In a statement on Tuesday, the Department of Transportation (DOTr) said Transportation Secretary Jaime Bautista is discussing with the National Economic and Development Authority (NEDA) and Department of Finance the review of draft documents pertaining to the loan deal provided by the Japan International Cooperation Agency (JICA) and the Government of Japan.
The DOTr said the Philippines and Japan are expected to finalize the third tranche loan agreement worth ¥150 billion for the project in March this year.
The Philippine government and JICA have so far signed two tranches of loan agreements—the first tranche amounting to ¥104.53 billion, or P47.58 billion, was signed in March 2018, while the second tranche, amounting to ¥253.31 billion, or P112.87 billion, was inked in February 2022.
“It is DOF that is negotiating with JICA,” said Bautista.
“With the support of JICA, we are implementing this project on time for completion in 2029,” said the Transportation chief.
For his part, Finance Secretary Ralph Recto said that the “Department of Finance is fully committed to securing the funding for this project.”
“We aim to finalize the loan agreement for the third tranche of financing by March 2024,” said Recto.
The entire Metro Manila Subway project currently has an estimated total cost of P488.5 billion, of which P370.7 billion will be financed through an official development assistance (ODA) loan from JICA, while P117.7 billion will be covered by the Philippine government.
So far, the DOTr has awarded four contract packages for the project.
These are the CP 101, covering four stations—East Valenzuela, Quirino Highway, Tandang Sora, and North Avenue—and the depot and the Philippine Railway Institute Building, bagged by a joint venture led by EEI Corp.; the CP 102, comprising the stations in Quezon Avenue and East Avenue, bagged by D.M. Consunji Inc.; the CP 103, bagged by Sumitomo Mitsui Construction Co. Ltd., which involves the stations from Anonas to Camp Aguinaldo; and Megawide Construction Corp. was awarded the CP 104, which covers the Ortigas to Shaw Boulevard segment.
The project involves the construction of a depot and a 33-kilometer railway line consisting of 17 stations that will connect Valenzuela City to Pasay City with a spur line to Ninoy Aquino International Airport (NAIA) Terminal 3.
Once operational, the subway is seen to reduce travel time from Valenzuela to NAIA from one hour and 30 minutes to just 35 minutes, servicing 519,000 passengers daily. —VAL, GMA Integrated News
This article Third loan deal for Metro Manila subway eyed for signing in March was originally published in GMA News Online.
News Related
-
Anyone who’s purchased gift baskets to hand out to loved ones this holiday season might need to find a backup present after the latest food recall that involves festive cookies. Gift basket company Wine Country Gift Baskets just announced that it is voluntarily recalling all gift baskets that feature Acorn Baking ...
See Details:
Recall Just Announced For Popular Cookies Featured In Holiday Gift Baskets
-
LOS ANGELES: Quarterback Jalen Hurts ran in an overtime touchdown to give the Philadelphia Eagles a 37-34 NFL win over the Buffalo Bills Sunday (Monday in Manila) and move them to 10-1 on the season. The Eagles, who lost the Super Bowl to Kansas City last season, trailed at half-time ...
See Details:
Eagles rally past Bills in overtime as Chiefs win
-
Yen Makabenta First word WHILE UN Secretary-General Antonio Guterres and other promoters of the climate emergency are preparing to convene the 28th conference of the parties (COP28) of the UN Framework Convention on Climate Change (UNFCCC) in the United Arab Emirates, starting on November 30 and stretching to December 12, ...
See Details:
Reality bites the green energy agenda
-
Sandigan orders Marcos Sr. pal to pay workers The Sandiganbayan has ordered the enforcement of a July 2023 ruling ordering a Marcos Sr. associate to pay a lumber company’s workers P2.1 million in damages as well as return 60 percent of their company’s shares and pay all unpaid benefits. The ...
See Details:
Sandigan orders Marcos Sr. pal to pay workers
-
DSWD: Shear line, LPA affect 1.2 million people; over 18,000 families evacuated MANILA, Philippines – More than 18,000 families have fled to evacuation centers across flood-affected regions in the country due to the impact of the shear line and low pressure area. Department of Social Welfare and Development (DSWD) gave ...
See Details:
DSWD: Shear line, LPA affect 1.2 million people; over 18,000 families evacuated
-
-
MANILA, Philippines: The entire Luzon, including Metro Manila, is expected to experience isolated rain showers and thunderstorms as the northeast monsoon (“amihan”) and easterlies will be affecting the country over the next 24 hours, the state-run weather agency said on Tuesday. Weather specialist Patrick del Mundo of the Philippine Atmospheric ...
See Details:
Rain showers, thunderstorms over Luzon, including Metro Manila — Pagasa
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
'Naruto' live-action film adaptation is in the works
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
NASA Highlights Stingray Nebula
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
Manila's Lagusnilad underpass opens
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
China probes debt-ridden financial giant
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
China's VUCA situation
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
Unraveling the mystery that is diabetes
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
Bangladesh's nuke plant is not going to steal PH investments
OTHER NEWS
ALIW Awards Foundation Inc. President Alice H. Reyes has released the names of finalists for the 2023 Aliw Awards to be presented on Dec. 11, 2023, at the Manila Hotel ...
Read more »
WhatsApp Web gains the feature of single-view photos and videos (Photo: Unsplash) The WhatsApp Web, the desktop version of the popular messaging app from Meta, has received an update allowing ...
Read more »
Young athletes’ time to shine in Siklab Awards MANILA, Philippines — The future heroes of Philippine sports will be honored during the third Siklab Youth Sports Awards on Dec. 4 ...
Read more »
Graphics by Jannielyn Ann Bigtas A local government official said Monday that five to 10 barangays in Northern Samar are still isolated following the massive flooding in the area last ...
Read more »
DyipPay app lets you pay jeepney fare, book tricycles “Barya lang po sa umaga.” Everyone who rides jeepneys knows this rule: it may not be an actual law, but it’s ...
Read more »
Updated In-Season Tournament Bracket ahead of pool play finale Tuesday will mark the last day of pool play for the inaugural NBA In-Season Tournament. From there, six first-place teams and ...
Read more »
PCG forms teams for maritime emergency response MANILA, Philippines — Recent incidents of fishermen lost in the waters off Southern Tagalog have prompted the Philippine Coast Guard (PCG) to form ...
Read more »