PH, Japan sign P95-billion loan on railways, river projects

PHL, Japan exchange notes on loan deals for 2 infra projects / photo from GMA News

Following the Sixth Meeting of the Philippines-Japan Joint Committee on Infrastructure Development and Economic Cooperation in Manila the other day, both countries have signed a 205 billion yen (that ‘s approximately P95 billion) loan involving ways and river projects.

This agreement aims to promote economic growth, overcoming vulnerability to various risks, as well as stabilizing and fortifying bases for human life and production in the country.

Department of Foreign Affairs (DFA) Secretary Teodoro Locsin, Jr. and Japanese Ambassador Koji Haneda signed and exchanged notes on the latest multi-billion yen loan projects.

Special Advisor to Prime Minister Shinzo Abe, Dr. Hiroto Izumi, and Philippine economic managers witnessed the signing of the said agreement.

The first project would involve the North-South Commuter Railway Extension Project (I) which will be a railway from Tutuban to Calamba, Laguna (South Section), and from Malolos to Clark International Airport in Pampanga. This will be a total of 109 kilometers extension.

With this, connectivity between Manila and the surrounding areas is expected to improve as well as ease the heavy traffic jam. It also aims to promote the convenience of the general public through fast, safe, and comfortable public transportation system.

Japan, with the Asian Development Bank (ADB), will extend financing assistance and utilize Japan’s extensive experience on railway development, and technology.

Pasig-Marikina River Channel Improvement Project (Phase IV) is also part of the agreement.

 The project will utilize Japan’s disaster prevention technology to include major works on dredging and construction of dikes, control gate structure, and revetment along the Pasig-Marikina river walls.

This aims to mitigate flood damage in lowland areas of Metro Manila.

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