MACTAN, Cebu—The Philippine plans to sign the first tranche of a loan from the Japanese government to finance the first phase of the Metro Manila Subway Project before the end of first quarter this year, Finance Secretary Carlos Dominguez III said Monday.
The announcement came after top officials of the Philippines and Japan agreed to “steadily implement” for the next five years their joint commitments on major fields of bilateral cooperation, especially the implementation of the Duterte administration’s big-ticket infrastructure projects that Tokyo has pledged to support through funding and technology assistance.
Both sides agreed “to work towards the partial operability by 2022 of, and are looking forward to the signing of the first tranche of the loan for, the Metro Manila Subway Project (Phase I) by March 2018.”
The inter-agency National Economic and Development Authority-Investment Coordination Committee approved the P355.6-billion Metro Manila Subway Project late last year.
