DOF finalizing P55.7 billion loan for Metro Manila subway

February 27, 2024 | 12:00am

MANILA, Philippines — The government targets to secure P55.7 billion in loans from the Japanese government for the third tranche of financing for the Metro Manila Subway Project (MMSP) by March.

At a press briefing yesterday, Finance Secretary Ralph Recto said his department is committed to securing the financing for the MMSP with haste.

The Department of Finance is finalizing the loan agreement for the third tranche financing worth 150 billion yen or P55.7 billion.

The first tranche of P38.8 billion funding was signed in March 2018. The second tranche of P94.1 billion was secured in February 2022.

The fourth and fifth tranches with a combined financing of P151.1 billion are still under discussion.

“We remain resolute in monitoring the progress of all ODA (official development assistance) projects. We are working non-stop to get all of these done as soon as possible,” Recto said.

Transportation Secretary Jaime Bautista said the plan to award the remaining contracts for the MMSP has been pushed backed to the third quarter of the year.

The Department of Transportation was supposed to award contract packages 105, 108 and 109 of the MMSP this quarter.

The MMSP is a 33-kilometer subway with 17 stations from Valenzuela City to Bicutan in Taguig, with a spur line to the Ninoy Aquino International Airport Terminal 3.