First Subway in the Philippines Seeks Funding from Japan — Go Cavite
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First Subway in the Philippines Seeks Funding from Japan

ENVIRONMENT

First Subway in the Philippines Seeks Funding from Japan

In light of the 2017 infrastructure movement “Build, Build, Build”, the development of the local transportation system holds a large portion to the campaign’s completion. One of the stepping stones to this campaign is the Mega Manila Subway project led by the Department of Transportation.

Recently, the Philippine government targets to bag the loan to fund for a 25-kilometer subway system that will connect Metro Manila to San Jose del Monte City, Bulacan and as far as Dasmariñas City, Cavite. The said project, once fully operational, could service 370,000 passengers.

According to Socioeconomic Planning Secretary Ernesto M. Pernia, this funding was made part of the finance plan for the construction of the underground transportation system. The value of the loan was estimated at $4.4 billion. Should it be granted by the official development assistance (ODA) from Japan International Cooperation Agency (JICA), this will be Philippines’ highest ODA loan package from JICA to date.

“[The signing of the ODA for the subway project] hopefully be in November when Japan Prime Minister Shinzo Abe comes for the Asean Summit, ” Pernia stated in one of his interviews.

Currently, a project feasibility study is being conducted to further review the project cost and financing scheme of Mega Manila Subway. The study is eyed to be completed in July.

Previously, the Philippine government received $2.42 billion loan from JICA as part of the funding for the North-South Commuter Railway Project. This railway system will link Tutuban, Manila to Malolos, Bulacan.

 

 

Source: Inquirer.net

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