Photos from Embassy of Japan in the Philippines 在フィリピン日本国大使館
On May 26, Chargé d’Affaires ad interim Kenichi MATSUDA of the Embassy of Japan and Foreign Affairs Secretary Enrique Manalo signed the exchange of notes for the yen loan that will finance the “Metro Rail Transit Line 3 Rehabilitation Project (Phase 2)”. The maximum amount for this loan is approximately 17.4 billion yen.
MRT-3 is the major elevated railway line that runs along Metro Manila’s busiest route. In the past, the line’s railroad and rolling stock deteriorated due to a lack of proper maintenance, resulting in reduced transportation capacity and frequent operational problems. Accordingly, immediate rehabilitations were carried out as part of the Phase 1 project, restoring the line’s safety, comfort, and high speed using Japanese knowledge and technology.
In this second phase of the project, Japan will assist the MRT-3’s continued maintenance and will connect it to the Common Station for passengers’ seamless transfer to LRT-1, MRT-7 and the Metro Manila Subway. This Phase 2 project is expected to improve passenger convenience and promote the use of public transportation, contributing to sustained economic growth and reducing environmental burdens.
Terms and Conditions
(1) Maximum Loan amount：17.3999 billion Japanese Yen
(2) Interest rate: 0.1% per annum (0.01% per annum for consulting services)
(3) Repayment period: 40 years (including a 10-year grace period)
(4) Financing terms: Japan-tied