Japan loan

The Philippines and Japan sign a 253.31-billion-yen loan ($2.2 billion) agreement representing the second tranche of funding for the construction of the Metro Manila Subway Project. Leading the signing ceremony are Finance Secretary Carlos Dominguez III (left), on behalf of the Philippine government, and Eigo Azukizawa, chief representative of the Japan International Cooperation Agency. With them are Japan Ambassador to the Philippines Kazuhiko Koshikawa and Transportation Undersecretary Timothy John Batan. Dominguez thanked Japan for continuing to extend financial support to build the Metro Manila Subway, one of the flagship projects under the ‘Build, Build, Build’ program of the government.