JICA has signed a loan agreement to provide official development assistance (ODA) of JPY 104.53 billion for the development of Phase I of the Metro Manila Subway project. The estimated cost of Phase I is $7.05 billion. The loan will be provided at an interest rate of 0.1 per cent per annum for non-consulting services and 0.01 per cent per annum for consulting services. It has a term of 40 years including a grace period of 12 years. Phase I will span 25 km from Quezon city in the north to Paranaque in the south, covering 13 underground stations. Commercial operations are scheduled to commence on three stations (Mindanao Avenue-Quirino Highway, Tandang Sora and North Avenue) by 2022 and full operations are expected to commence by 2025. The daily ridership is expected to be 370,000 passengers.