The Philippine and Japanese governments have signed an P18-billion loan agreement for the rehabilitation of Metro Rail Transit (MRT) line 3, after the two countries’ exchange of notes on the project was finalized on Wednesday.
The exchange of notes involves the overall detailed plan to rehabilitate MRT-3 which includes a general overhaul of train coaches, replacement of rail tracks, improvements in the train’s power and signaling systems, as well as the repair of elevator and escalator systems along with beautification works in all the stations.
“With the Exchange of Notes for the MRT-3 rehabilitation, we secure a better and safer commuting experience for our riding public. We shall see improvements, service efficiency, security, and convenience,” Department of Foreign Affairs Secretary Teodoro Locsin Jr. said during the signing ceremony.
“We all know that a safe and eco-friendly transportation system is crucial for the greater Manila area and the Philippines as a whole to realize sustainable economic growth and a more comfortable life for the Filipino,” said Japan Ambassador to the Philippines Koji Haneda.
The loan agreement will shoulder 80% of the project cost, while the remaining 20% will be covered by the Philippine government.
The MRT-3 rehabilitation project is expected to be completed in the first quarter of 2021.
At the signing of the loan agreement, the Philippines was represented by the Department of Finance while Japan International Cooperation Agency represented the Japanese government.
Department of Transportation undersecretary for railways Timothy John Batan witnessed the signing.#