Bilyonaryo - Business

JICA extends loan to Philippines for MRT3 rehabilitation

May 26, 2023

Bilyonaryo.com

The government has signed a loan agreement with the Japan International Cooperation Agency (JICA) to support the Metro Rail Transit (MRT) Line 3 rehabilitation project.

In a statement, the Department of Finance (DOF) said that the 17.4 billion yen supplemental loan for the MRT 3 was approved by the National Economic and Development Authority (NEDA) board on February 2, 2023 to cover the increased total project cost of P29.6 billion.

The amount will support the integration and capacity expansion; complete rehabilitation; operation and maintenance concession dovetailing with the expiry of the build-lease-transfer agreement in 2025; and addition and extension of maintenance works to account for the six-month period of community quarantine due to the COVID-19 pandemic.

The loan is concessional as it carries an interest rate of 0.10 percent per annum for non-consulting services and 0.01 percent per annum for consulting services, to be repaid in 40 years, inclusive of a 10-year grace period.

The rehabilitation includes provisions for capacity including rolling stock, rail tracks, signaling system, power supply system, overhead catenary system, communications system, and depot and station equipment.

Japan is the Philippines’ top official development assistance (ODA) partner as of March 2023, with total ODA commitments at around $10.4 billion, including loans and grants.

Following the signing of the loan agreement, Japan’s total loan net commitment now amounts to around $10.3 billion, with a total ODA commitment of $10.5 billion.

Related News Tags: Japan International Cooperation Agency (JICA), Metro Rail Transit (MRT), MRT3 rehabilitation

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