The Department of Transportation (DOTr) is set to finalize the third tranche of loan financing for the Metro Manila Subway project, the first underground railway system in the Philippines, with the Japan International Cooperation Agency (JICA) in March 2024. The loan agreement is expected to be worth around PHP55.91 billion.
The Department of Finance (DOF) is currently reviewing the draft documents of the loan deal provided by JICA and the Government of Japan.
JICA and DOTr have previously signed two loan agreements worth PHP47.58 billion in 2018 and PHP112.87 billion in 2022.
The Metro Manila Subway project is estimated to cost PHP488.5 billion. Of this amount, PHP370.7 billion will be financed through an official development assistance (ODA) loan from JICA, while the Government of the Philippines will cover PHP117.7 billion.
