The Department Finance said Monday it expects to finalize a P55.7-billion (150 billion yen) loan agreement with Japan for the construction of the Metro Manila Subway Project by March 2024.
“The DOF 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,” Finance Secretary Ralph Recto said.
The fourth and fifth tranches worth a combined 406.6 billion yen (about P151.1 billion) are still under discussion.
The DOF said the MMSP is supported by two active loan agreements, with the first tranche worth 104.5 billion yen (about P38.8 billion) and second tranche worth 253.3 billion yen (about P94.1 billion).
Dubbed as the “project of the century,” the underground rail line is expected to serve 370,000 passengers daily in its first year of full operations.
Once completed and fully operational, the Metro Manila Subway Project will have 17 stations, including a terminal station at the Ninoy Aquino International Airport Terminal 3.
The construction of the section from Valenzuela to North Ave. is in full swing, and the DOTr expects the partial operability of the subway project between 2025 and 2026.
The project is expected to reduce travel time between Quezon City and NAIA from one hour and 30 minutes to 35 minutes.
It is expected to serve around 370,000 passengers a day in its first year, with capacity to serve up to 1 million passengers a day in later years.
The MMSP is physically interconnected and inter-operable with the North-South Commuter Railway System’s (NSCR) south segment, enabling passengers to board the subway train, for example, in North Ave. Station of MMSP and get off at the Calamba Station of NSCR.
