Japanese Ambassador Endo Kazuya and Department of Foreign Affairs (DFA) Secretary Maria Theresa P. Lazaro recently signed the exchange of notes for the Metro Manila Subway Project (MMSP) Phase 1 (IV) and the Central Mindanao High Standard Highway Construction Project (Cagayan de Oro – Malaybalay Section, Engineering Services).
These projects have loan limits of approximately JPY220 billion and JPY1.672 billion, respectively.
The interest rate is placed at 0.8 percent per annum with 40 years repayment, including a 10-year grace period.
The MMSP aims to address increasing transportation demand, alleviate severe traffic congestion, and mitigate air pollution and climate change by developing a subway system in Metro Manila.
Meanwhile, the Central Mindanao High Standard Highway Construction Project involves the development of the Cagayan de Oro-Malaybalay section of the Central Mindanao High-Standard Highway, which connects Cagayan de Oro and Davao, two major cities on Mindanao.
This cooperation is expected to strengthen and improve connectivity and accessibility between the two cities, contributing to the economic revitalization and social development of the Mindanao region.
