Phl, Japan inks JPY 220-B 4th tranche loan for MMSP Phase 1
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The Philippines and Japan on Friday signed another batch of loan agreements worth 220 billion Japanese yen, or approximately P84.81 billion, for the completion of the Metro Manila Subway Project (MMSP), which was derailed after funding from recent budgets was allegedly gutted to make room for congressional “insertions” of lawmakers.
Aside from the fourth tranche loan for the MMSP Phase 1, Tokyo will also support the Central Mindanao High Standard Highway Construction Project through a loan from the Japan International Cooperation Agency amounting to 1.672 billion yen, or around P644 million.
Foreign Affairs Secretary Ma. Theresa Lazaro and Japanese Ambassador to the Philippines Endo Kazuya led the signing of the deal for two projects in Pasay.
Kazuya reaffirmed Japan’s relentless support to boost infrastructure projects in the Philippines. He also expressed hope that the implementation of the said projects will be “steady and smooth.”
Flagship program
The MMSP is a flagship program of President Marcos Jr., which is originally set for completion before he finishes his term in 2028
However, the project has incurred a four-year delay after lawmakers defunded it from the 2023, 2024, and 2025 General Appropriations Act to make space for their “insertions,” which allegedly have ballooned to a staggering P1.45 trillion under the current administration.
