The Philippines and the Japan International Cooperation Agency (JICA) signed loan agreements for two major infrastructure projects to boost urban mobility and regional economic growth, the Department of Finance said Friday.
The financing includes 220 billion yen (P82.48 billion) for the fourth tranche of the Metro Manila Subway Project Phase 1 and 1.672 billion yen (P626,83 million) for the Central Mindanao High Standard Highway Construction Project. The highway funding is specifically earmarked for the Cagayan De Oro-Malaybalay Section.
Finance Secretary Frederick Go said during the signing ceremony that these two financing support sharpens the government focus on two critical fronts: improving urban mobility and unlocking the potential of regional economies.
The funding for the Metro Manila Subway is designated for civil works, electromechanical systems, rolling stock and consultant services. The Central Mindanao highway allocation will support engineering services for the project.
JICA senior vice-president Hayakawa Yuho said the agency’s hope is that the agreement will contribute to accelerating the Philippines’ progress towards upper middle-income country status.
The subway project is a centerpiece of the national infrastructure plan, intended to ease congestion in the capital, while the Mindanao highway aims to improve connectivity in the country’s southern region.
