The government on Friday signed the JPY17.4-billion ($130 million) Metro Rail Transit (MRT) Line 3 Rehabilitation Project (II) loan agreement with the Japan International Cooperation Agency (JICA).<\/p>\n
The agreement was signed by Department of Finance (DOF) Secretary Benjamin Diokno and JICA chief representative in the Philippines Sakamoto Takema at the DOF office in Manila.<\/p>\n
The rehabilitation includes provisions for capacity including rolling stock, rail tracks, signaling system, power supply system, overhead catenary system, communications system, and depot and station equipment.<\/p>\n
In a statement, the Finance department said the supplemental loan for the MRT 3 was approved by the National Economic and Development Authority Board on Feb. 2, 2023.<\/p>\n
It will be used to finance the increase in the total project cost amounting to PHP29.6 billion, following the additional scope of work submitted by the Department of Transportation.<\/p>\n
These include integration and capacity expansion, complete rehabilitation, operation and maintenance concession dovetailing with the expiry of the Build-Lease-Transfer agreement in 2025, and addition and extension of maintenance works to account for the six-month period of community quarantine due to the pandemic.<\/p>\n
The loan carries an interest rate of 0.10 percent per annum for non-consulting services and 0.01 percent per annum for consulting services, to be repaid in 40 years, inclusive of a 10-year grace period.<\/p>\n
As of March 2023, Japan is the Philippines\u2019 top official development assistance (ODA), with total ODA commitments at $10.4 billion, including loans and grants.<\/p>\n
The DOF said loans amounting to JPY377 billion ($2.8 billion) were already signed with JICA within the first quarter of 2023.<\/p>\n
Among these projects are the North-South Commuter Railway (NSCR) Project Phase 1 and 2 and the NSCR Extension Project (II). (PNA)<\/p>\n","protected":false},"excerpt":{"rendered":"
The national government secures a $130 million loan from Japan for MRT Line 3 Rehabilitation Project, enhancing capacity and infrastructure.<\/p>\n","protected":false},"author":73,"featured_media":249105,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19565],"tags":[],"class_list":["post-249104","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business-today"],"zyndk8_nxtgen_metadata":[],"_links":{"self":[{"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/posts\/249104","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/users\/73"}],"replies":[{"embeddable":true,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=249104"}],"version-history":[{"count":0,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/posts\/249104\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/media\/249105"}],"wp:attachment":[{"href":"https:\/\/uptownmanila.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=249104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=249104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=249104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}