Philippines-Japan Sign P95-Billion Loan on Railways and River Projects

The Philippines and Japanese government have signed a 205 billion yen (approximately P95 billion) loan involving railways and river projects aimed at promoting sustainable economic growth, overcoming vulnerability to various risks, as well as stabilizing and fortifying bases for human life and production in the country.

According to Foreign Affairs Secretary Teodoro Locsin, Jr., following the Sixth Meeting of the Philippines-Japan Joint Committee on Infrastructure Development and Economic Cooperation in Manila, with Japanese Ambassador Koji Haneda signed and exchanged notes on the latest multi-billion yen loan projects.

Dr. Hiroto Izumi Izumi, Special Advisor to Prime Minister Shinzo Abe, and Philippine Economic Managers witnessed the signing of the Philippines-Japanese agreement worth P95-billion loan on Railways and River Projects.

The first project involves the North-South Commuter Railway Extension Project (I) that will run along the length of the railway from Tutuban to Calamba in Laguna (South Section), and from Malolos to Clark International Airport in Pampanga. This consists of a total extension of 109 kilometers.

The Japanese project which will fund for the extension of the North-South Commuter Railway Extension Project which is expected to improve the connectivity between Manila and surrounding areas, ease the heavy traffic congestion, and promote the convenience of the general public through fast, safe, and comfortable public transportation system.

The Japanese government together with the Asian Development Bank (ADB), will extend financing assistance and utilize Japan's extensive railway knowledge, experience, and technology.  The loan for this project will provide up to 167 billion yen (approx. P78 billion).

Aside from the railway project to be funded by the Japanese government, they will also fund the Pasig-Marikina River Channel Improvement Project (Phase IV), the project will utilize Japan’s disaster prevention technology and will include major works such as dredging and construction of dikes, control gate structure, and revetment along the Pasig-Marikina river walls.

Source: PNA

Philippines-Japan Sign P95-Billion Loan on Railways and River Projects Philippines-Japan Sign P95-Billion Loan on Railways and River Projects Reviewed by Phil Newsome on November 23, 2018 Rating: 5
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