Finance Secretary Benjamin Diokno inked the agreement on Friday valued at US$130 million or ₱7.265 billion with JICA’s chief representative in the Philippines Sakamoto Takema.
The deal was designed to improve the safety and services of the 16.9 kilometer mass rail transit system.
“The loan is concessional as it carries an interest rate of 0.10 percent per annum for non-consulting services and 0.01 percent per annum for consulting services, to be repaid in forty years, inclusive of a 10-year grace period,” the DOF explained. The MRT-3 rehabilitation includes provisions for capacity including rolling stock, rail tracks, signaling system, power supply system, overhead catenary system , communications system, and depot and station equipment.
The agreement places Japan’s total loan net commitment to the Philippines at $10.3 billion, and its official development assistance commitment at $10.5 billion. The National Economic Development Authority Board approved in February the supplemental loan to finance the MRT-3 rehabilitation, which now has a total project cost of ₱29.6 billion.
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