JAPAN International Cooperation Agency (Jica) has agreed to lend Pesos 55.7bn ($US 1bn) for the construction of the 33km Metro Manila Subway.<\/p>\n
It is the third loan for the project provided by Jica, which has already lent Pesos 132.9bn. Two further loans totalling Pesos 151.1bn are under discussion.<\/p>\n
According to the Philippines Department of Finance, the interest rates for first two loans are set at 0.1% per year for non-consulting services and 0.01% per year for consulting services.<\/p>\n
Each loan has a maturity period of 40 years, which includes a 12-year grace period for the first and 13 years for the second.<\/p>\n
The 17-station metro, running from Valenzuela City to Pasay City, with a spur to Ninoy Aquino International Airport (NAIA) in Para\u00f1aque City, is expected to cost around Pesos 355.6bn.<\/p>\n
Due to be completed in 2029, it will cut the journey time between Valenzuela City and Pasay City from 1h 30min to 35 minutes.<\/p>\n
The new metro line, which was reported to be 40% complete in January, will save the country around Pesos 2.5bn each day through reduced travel costs and carbon emissions, says finance secretary, Mr Ralph Recto.<\/p>\n
For more details of metro projects across the globe, subscribe to IRJ Pro<\/a>.<\/em><\/p>\n The post Japan agrees $US 1bn loan for Metro Manila Subway<\/a> appeared first on International Railway Journal<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" JAPAN International Cooperation Agency (Jica) has agreed to lend Pesos 55.7bn ($US 1bn) for the construction of the 33km Metro Manila Subway. It is the […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[47,5],"tags":[],"class_list":["post-16872","post","type-post","status-publish","format-standard","hentry","category-rail-news","category-transport"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t