Japan has vowed a USD 2-billion loan package for the development and construction of the Philippines’ biggest railroad project, the Department of Foreign Affairs said Thursday.
The loan package is reserved for the construction of the first phase of the North-South Commuter Rail (NSCR) Project, a 36.7-kilometer narrow-gauge elevated commuter railway from Malolos, Bulacan to Tutuban, Manila.
Foreign Affairs Secretary Albert del Rosario met with Japanese foreign minister Minoru Kiuchi on Wednesday on the sidelines of the Asean Ministerial and Related Meetings in Kuala Lumpur, Malaysia. where he received the Official Development Assistance (ODA) pledge.
Japan’s loan aid, takes after the dedication of the Japanese government in firming up its participation and cooperation with the Philippines for the said project as part of both countries “Collaboration Roadmap for Quality Infrastructure Development in the Transport Sector in Metropolitan Manila Area,” which was settled after amid President Benigno Aquino III’s State Visit. DFA said.
Philippine Transportation authorities would like to start the railway project’s construction in the first quarter of 2017 and end in 2020, the same year it becomes operational.
The train system is expected to transport 340,000 travelers every day.
Japan is the Philippines’ top source of ODA. Its help, through credits, grants and technical cooperation covers an extensive variety of areas, including public works, socio-economic infrastructure, agriculture, transportation and communications.
More infrastructure means more jobs and good for the country and the economy.