The Investment Coordination Committee-Cabinet Committee (ICC-CabCom) under the National Economic and Development Authority (NEDA) approved the proposed rehabilitation of the 18-year old Manila Metro Rail Transit known as MRT Line 3 at the cabinet-level ICC meeting on Thursday.

This rehabilitation project will improve train operations as 18 train sets per hour will be deployed from the current 15 and their speed increased to a maximum 60 kilometers per hour while reducing so-called headway to 200 seconds.

“With the upcoming rehabilitation of the MRT 3, we expect improvements in service efficiency and security of the existing train line. Over the long term, we envision the MRT to be a very convenient and efficient mode of transportation that will encourage car owners to shift to public transportation, thereby reducing traffic congestion in Metro Manila,” Socioeconomic Planning Secretary and NEDA chief Ernesto Pernia said.

The Japan government will fund the project through loans amounting P22 billion and scheduled for completion by the first quarter of 2021.

Finance Secretary Carlos Dominguez III and Pernia co-chaired the meeting held at Department of Finance (DOF).

In a separate development, the ICC has canceled the euro 28.52 million French Treasury loan intended to finance the Integrated Marine Environment Monitoring System-Phase 2 (PHILO II) of the Department of Agriculture-Bureau of Fisheries and Aquatic Resources (DA-BFAR).

The cancelation will allow DA-BFAR to utilize local funds instead.