The Government of the Philippines and Japan International Cooperation Agency (JICA) have signed a PHP6.97 billion supplemental loan agreement for the second phase of the Metro Rail Transit Line 3 (MRT-3) Rehabilitation project. The loan will cover the PHP7.6 billion project cost increase (from PHP21.9 billion to PHP29.6 billion), following the additional scope of work proposed by the Department of Transportation (DOTr). This includes a six-month extension of work to account for COVID-19 related slowdowns as well as integration and capacity expansion among others.
The loan will be provided at an interest rate of 0.1 per cent per annum with a repayment period of 40 years with a 10-year grace period.
The MRT-3 rehabilitation project includes the overhaul of existing rolling stock, rail tracks, signalling system, power supply system, overhead catenary system (OCS), communications system, and depot and station equipment. The second phase of works is expected to improve passenger convenience and increase the modal share of public transportation in Manila.
MRT-3 spans 16.9 km and covers 13 stations. The daily ridership is estimated at 450,000 passengers.