The Department of Finance (DOF) and the Japan International Cooperation Agency (JICA) signed Thursday the agreement providing the Philippines with a 38.1-billlion yen loan from Japan for the upgrading and rehabilitation of the Metro Rail Transit (MRT) Line-3 System.
Finance Secretary Carlos Dominguez III, on behalf of the Philippines, and JICA senior vice president Yasushi Tanaka, on behalf of Japan, signed the loan accord for the project, which aims to improve the safety, reliability and level of service of the 16.9-kilometer light rail system with 13 stations spanning across EDSA.
Given the urgency of the rehabilitation of the existing MRT-3 rail system, the Philippine government once again adopted the “fast and sure” approach” with Japan in processing the approval of the loan for the project, in record time of less than three months.
The board of the National Economic and Development Authority (NEDA) chaired by President Duterte gave the go-signal for the project on August 22, which was then followed 77 days later by this afternoon’s signing of the loan agreement.
“This is by far the fastest loan processing we have completed,” said Dominguez after the signing ceremony and exchange of notes on the loan agreement.
Dominguez thanked Japan for its “generous financing support” for the project and for moving as fast as the Philippine government had done to get the rehabilitation of the MRT-3 started.
As for the riding public, Dominguez said: “I would like to assure our harried commuters that we will rebuild and reinvent this vital rail service as quickly as possible.”
He said the MRT-3, which has “degraded to a sad state” and “brought our commuters unspeakable hardship” to the point of becoming “a symbol of where our country fails” will not only be rehabilitated but its operations also expanded and modernized with the help of this ODA loan from Japan.
Tanaka, in a statement, said the implementation of the project “is good news for the Filipino commuters, so they will have improved access to safe and reliable transportation while also meeting the Philippine government’s priorities to reduce traffic congestion in Metro Manila, attract investments, and improve the quality of life of the people.”
In today’s signing ceremony, Tanaka also said that JICA is “pleased that we can contribute to the MRT Line 3 to become again a safe and comfortable train (system) by using Japanese advanced rehabilitation technologies.” (DOF)
