PH, Japan sign 253 billion yen (P112.9-B) loan for subway project

ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Artist’s rendering of Metro Manila Subway. Handout photo" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2018/news/08/01/20180801-subway-metromanila.jpg "/><figcaption>Artist’s rendering of Metro Manila Subway. <em>Handout photo</em></figcaption></figure></div><p>MANILA - The Philippines and Japan signed on Thursday a 253.3 billion yen (P112.9 billion) loan agreement on the second tranche funding for the construction of the Metro Manila Subway Project, the Department of Finance said. </p><p>The loan is payable in 27 years with a grace period of 13 years, for a total maturity period of 40 years, the DOF said. It follows the earlier 104.53 billion yen (about P47.58 billion or$933.73 million), which also has a 40-year total maturity period, signed in 2018. </p><p>While originally estimated to cost around P350-billion, the project’s total cost was raised to P488.48 billion, a move that was approved by the National Economic and Development Authority (NEDA) Board on Sept. 23 last year, according to the DOF. </p><p>The Department of Transportation has said that the whole project is slated for completion in 2025. In February last year, the DOTr said the subway was supposed to start partial operations by the end of 2021. </p><p>The DOTr has promised that the subway will start partial operations before the end of President Rodrigo Duterte’s term.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/02/05/21/metro-manila-subway-to-partially-operate-by-yearend-dotr">Metro Manila subway to partially operate by yearend - DOTr</a></li></ul><p>The underground railway will be 34 kilometers long stretching from Valenzuela to Bicutan in Taguig City and the NAIA Terminal 3 in Pasay City with 17 stations, the DOTr has said.</p><p>For the remaining three to four tranches of the total loan, the DOF said JICA or the Japan International Cooperation Agency will release the funds based on the project requirements and further discussions between JICA and the DOTr. </p><p>Finance Secretary Carlos Dominguez III, on behalf of the Philippine government, and Mr. Eigo Azukizawa, the Chief Representative of the Japan International Cooperation Agency (JICA), signed the loan accord for the Philippines’ first-ever underground railway, the DOF said. </p><p>Also present at the signing ceremony were Japanese Ambassador Kazuhiko Koshikawa and ﻿Transportation Undersecretary for Railways Timothy John Batan.</p><p>In 2019, analysts said the Philippines&#x27; target of completing the construction of its first underground railway within six years may increase the total cost.</p><p>The proposal to create the first-ever subway line in Metro Manila dates back to September 1973, based on a study by the Japan Overseas Technical Cooperation Agency, a predecessor of JICA. </p><p>The subway was proposed again in 2000 and 2014. The loan agreement was signed between Mr. Duterte and Japanese Prime Minister Shinzo Abe in 2017.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/02/19/metro-manila-subway-project-may-face-higher-cost-delays-analysts">Metro Manila Subway project may face higher cost, delays: analysts</a></li>	<li><a href="https://news.abs-cbn.com/business/02/08/21/regular-passenger-service-for-metro-manila-subway-to-start-by-2025-dotr">Regular passenger service for Metro Manila subway to start by 2025 - DOTr</a></li></ul><div> </div><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1615862" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

The Department of Transportation has said that the whole project is slated for completion in 2025. 

PH, Japan sign 253 billion yen (P112.9-B) loan for subway project | ABS-CBN

Halalan 2025

Entertainment

News

Metro.Style

Lifestyle

Sports

More

Traffic

Horoscope

Business

PH, Japan sign 253 billion yen (P112.9-B) loan for subway project

PH, Japan sign 253 billion yen (P112.9-B) loan for subway project

ABS-CBN News

Published Feb 10, 2022 09:40 PM PHT

Read More:

Metro Manila Subway

infrastructure

railway

Build Build

DOTr

DOF

JICA

Carlos Dominguez III

NEDA

subway

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

AI Policy

Terms of Service

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.