The much-awaited subway project, and 4 other deals which include a loan for the Cavite Industrial Area Flood Risk Management Project, was discussed between Philippine President Rodrigo Duterte and Japanese Prime Minister Shinzo Abe after the bilateral meeting on Monday, November 13.
Foreign Secretary Alan Peter Cayetano and Japanese Ambassador Kojie Haneda exchanged notes on the Metro Manila subway in the presence of Duterte and Abe. An exchange of notes signifies the polishing of the details of the project and its financing arrangement. The exchange of notes is conducted before the actual signing of agreements.
The loan is intended to help pay for the subway project, with an estimated cost of P358.25 billion. The subway proposal was latterly altered by stretching it to the Ninoy Aquino International Airport. For Shinya Ejima, senior vice-president of the Japan International Cooperation Agency (JICA), the planned subway in the Philippines is going to be the “project of the century.”
Transportation Secretary Arthur Tugade had said the groundbreaking is scheduled in the 4th quarter of 2018, while the target completion is by 2025.
With the vision to reduce flood damage in Cavite by implementing proper measures in the province, the project is seen to help Philippine’ economy develop a more sustainable growth. The P9.9-billion project will be financed through a combination of a P7-billion loan from Japan and P2.9-billion funding from the Department of Public Works and Highways.