Japan, Phl sign exchange of notes for major infrastructure projects
Signing of the exchange of notes for the Dalton Pass East Alignment Road Project and the Metro Manila Subway Project - Phase 1
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Signing of the exchange of notes for the Dalton Pass East Alignment Road Project and the Metro Manila Subway Project - Phase 1
On 26 March 2024, Minister and Deputy Chief of Mission of Embassy of Japan in the Philippines MATSUDA Kenichi, and Foreign Secretary Enrique A. Manalo signed the Exchange of Notes for the Dalton Pass East Alignment Road Project (I) and the Metro Manila Subway Project (Phase I) (III). Each project amounting to JPY 100 billion, and JPY 150 billion, respectively, this signing marks the way forward for the said major infrastructure projects.
The Dalton Pass East Alignment Road Project (I) provides ODA loans to the Philippine Government for the construction of a bypass road for the Dalton Pass, a major arterial road linking Metro Manila and north-central Luzon.
The construction of a disaster-resistant and highly motorable alternative road is expected to improve access and connectivity between north-central Luzon and Metro Manila, contributing to economic revitalization.
Meanwhile, the Metro Manila Metro Project (Phase 1) (III) is financing for the construction of the first metro in the Philippines, following the 1st tranche (signed on 13 November 2017, JPY 104,530 million) and the 2nd tranche (signed on 27 July 2021, JPY 253,307 million).
This subway project is expected to contribute to sustainable economic growth through investment promotion in the Philippines, by meeting increasing traffic demand, reducing severe traffic congestion, and mitigating air pollution and climate change.
Terms and Conditions:
(1) Maximum Loan Amount: 250 billion yen (total)
- Dalton Pass East Alternative Road Construction Project (I): JPY 100 billion
- Metro Manila Subway Project (Phase 1) (III): JPY 150 billion
(2) Interest rate: 0.3% per annum (0.2% per annum for consulting services)
(3) Repayment period: 40 years (including a 10-year grace period).
(4) Financing terms: Japan Tied.
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