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The governments of the Philippines and Japan have signed the exchange of notes for the JPY250 billion or around PHP92.8 billion loan for the construction of Dalton Pass East Alignment Road as well as for the ongoing Metro Manila Subway (MMS) project.
The Japanese Embassy in Manila expressed hope that the construction of a disaster-resistant and highly motorable alternative road for Dalton Pass would contribute to the economic revitalization of Luzon. I Photo: Ramon FVelasquez Wikimedia Commons
JPY100 billion of this amount will be allocated for the construction of a bypass road for the Dalton Pass, which links Metro Manila and north-central Luzon, while the remaining JPY150 billion will serve as the third tranche of Japanese financing for the MMS project.
Foreign Affairs Secretary Enrique Manalo remarked, “On behalf of the Philippines, I signed today diplomatic notes for Japan’s ODA (official development assistance) worth JPY250 billion in loan for the Dalton Pass East Alignment Road Project to enhance the connectivity of Regions I & II to the NCR (National Capital Region), and for the third tranche of the Metro Manila Subway Project (Phase I).”
He further stressed, “Japan, a strategic partner of the Philippines, has been a strong supporter of our infrastructure development and the Build Better More projects.”
Meanwhile, the Japanese Embassy in Manila expressed hope that the construction of a disaster-resistant and highly motorable alternative road for Dalton Pass would contribute to the economic revitalization of Luzon.
The embassy emphasized that it looked forward to the reduction of severe traffic congestion and air pollution in Metro Manila with the subway project.
This new loan follows the 1st tranche of funding for the metro subway in 2017 in the amount of JPY104.530 billion, and second tranche (JPY 253.307 million) which was signed in 2021.
The Embassy noted that the interest rate for these ODAs is at 0.3 percent per annum, with 0.2 percent per annum set for consulting services. It added that the repayment period is 40 years, including a 10-year grace period.
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