Finance Secretary Ralph Recto said the government is working to close by March the loan for the third tranche of Japanese loan that will finance the construction of the 36-kilometer Metro Manila subway project.
The loan amounts to 150 billion yen or P55.7 billion, and follows the first tranche of 104.53 billion yen and the second trance of 253.31 billion yen signed in 2018 and 2022, respectively .
Set for completion in 2029, the Metro Manila subway is expected to cut travel time from Valenzuela to Bicutan in Taguig and NAIA Terminal 3 to 45 minutes from the current one hour and 30 minutes, through its 17 stations, benefitting an estimated 519,000 daily commuters.
“In addition to spending our people from the burdens of commuting, the subway will also support more businesses and job opportunities,” said Recto during his visit to the subway’s construction site in Valenzuela.
Recto said the project has generated 5,469 jobs for both skilled and unskilled workers “providing a vital boost our labor market.”
“It is estimated that more than 5,500 workers would benefit from employment opportunities once the subway fully operates in 2029,” he said.
The subway will also address the P3.5-billion economic loss per day due to traffic congestion, which the Japan International Cooperation Agency estimates could reach P5.4 billion per day by 2035.
“The Metro Manila subway’s direct economic benefits will allow us to save about P2.5 billion daily through reduced vehicle costs travel time,” he said.
Transportation Secretary Jaime Bautista said contract packages 105, 108, and 109 of the project will be awarded by the third quarter of the year.
