PH, Japan ink P18-B loan agreement for MRT-3 rehab works
Loan agreement between the Philippines and the Japanese governments
MANILA, Philippines – Rehabilitation works in MRT Line 3 are now on its way after the signing of the P18-B pesos loan agreement between the Philippines and the Japanese governments represented by the Department of Finance (DOF) and the Japan International Cooperation Agency (JICA).
This was after the two countries’ exchange of notes on the said project was finalized on Wednesday (November 7).
The said exchange of notes involves the overall detailed plan on the rehabilitation of MRT-3 which includes a general overhaul of train coaches, replacement of rail tracks, improvements in the train’s power and signaling systems, as well as the repair of elevator and escalator systems along with beautification works in all MRT3 stations.
The ceremony was headed by Department of Foreign Affairs (DFA) Secretary Teodoro Locsin Jr. and Japan Ambassador to the Philippines Koji Haneda with Transportation Undersecretary for Railways Timothy John Batan witnessing the event.
“With the Exchange of Notes for the MRT-3 rehabilitation, we secure a better and safer commuting experience for our riding public. We shall see improvements, service efficiency, security, and convenience,” Locsin said.
“We all know that a safe and eco-friendly transportation system is crucial for the greater Manila area and the Philippines as a whole to realize sustainable economic growth and a more comfortable life for the Filipino,” said Ambassador Haneda.
The loan agreement will shoulder the 80% of the entire rehabilitation project while the remaining 20% will be shouldered by the Philippine government.
The entire project is expected to be completed in the first quarter of 2021. – Marje Pelayo (with reports from Joan Nano)
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