Article by:
Anna Leah Gonzales
MANILA – The Philippines, through the Department of Finance (DOF), secured funding from the Japan International Cooperation Agency (JICA) to make travel and trade easier in the National Capital Region (NCR) and Northern Mindanao.
In a statement, the DOF said financing agreements for the Metro Manila Subway Project Phase 1 (IV) and the Central Mindanao High Standard Highway Construction Project (Cagayan de Oro-Malaybalay Section) Engineering Services, were signed between Finance Secretary Frederick Go and JICA Chief Representative Baba Takashi.
“These two financing support sharpens our focus on two critical fronts: improving urban mobility and unlocking the potential of regional economies,” Go said during the ceremonial signing on Friday.
The fourth tranche of the Metro Manila Subway Project (Phase 1), amounting to 220 billion Japanese yen (PHP82.48 billion), will cover civil works, electromechanical and systems works, rolling stock and consultant services.
Another financing agreement amounting to 1.672 billion Japanese yen (PHP626.83 million) will fund the engineering services for the Central Mindanao High Standard Highway Construction Project (Cagayan de Oro-Malaybalay Section).
This will guarantee that the project is safe, cost-effective and built to the highest technical standards, helping prevent wasteful construction and minimize risks even before construction begins.
The project will be developed as a new High Standard Highway (HSH Class 1), designed to accommodate heavier traffic, enable faster travel and provide a safer, more reliable driving experience.
Once completed, the HSH will reduce travel time between Cagayan de Oro and Malaybalay from 6.5 hours to just 3.5 hours.
“Our hope is that today's agreement will contribute to accelerating the Philippines' progress towards upper middle-income country status,” JICA Senior Vice President Hayakawa Yuho said. (PNA)
Log in with Google