JAPANESE Ambassador Koji Haneda and Foreign Secretary Teodoro L. Locsin have signed and exchanged notes concerning two yen loan projects, amounting to 205 billion yen (approximately 95 billion peso).
The signing took place during the recent Sixth Meeting of the Philippines-Japan Joint Committee on Infrastructure Development and Economic Cooperation in Manila.
Dr. Hiroto Izumi, Special Advisor to the Prime Minister and Philippine Economic Managers, was present during the signing.
Among the projects are: North-South Commuter Railway Extension Project (I) (with provision of up to 167 billion yen/78 billion peso).
This project will extend the North-South Commuter Railway (currently under construction between Tutuban and Malolos in Metro Manila) from Tutuban to Calamba, Laguna (South section) and from Malolos to Clark International Airport, Pampanga (North section), for a total additional length of 109km. The extension aims to improve the connectivity between Manila and the surrounding areas, ease the heavy traffic congestion and promote the convenience of the general public through fast, safe and comfortable public transportation system.
Japan, together with the Asian Development Bank (ADB), will extend financing assistance and utilize Japan’s extensive railway knowledge, experience and technology.
The Pasig-Marikina River Channel Improvement Project (Phase IV) (with provision of up to 38 billion yen/18 billion peso) will utilize Japan’s disaster prevention technology and will include major works such as dredging and construction of dikes, control gate structure and revetment along the Pasig-Marikina river walls.
Combined with the project’s phase I, wherein detailed design of the projects was developed, and it’s phase II and III, which implemented river improvement works, this project aims to mitigate flood damage in lowland areas of Metro Manila.
The projects are expected to contribute in promoting sustainable economic growth, overcoming vulnerability to various risks as well as stabilizing and fortifying bases for human life and production.