MANILA - The Philippines expects to sign before the end of the month the first tranche of a loan agreement with Japan for Metro Manila's first ever subway system, the Department of Finance said Wednesday.

The $929.1-million borrowing is awaiting approval from the central bank's Monetary Board and special presidential authority, the DOF said in a statement.

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The P227-billion subway is among the highlights of President Rodrigo Duterte's P8-trillion infrastructure program.

It will run from Mindanao Avenue in Quezon City through the FTI in Taguig City and end at the Ninoy Aquino International Airport in Paranaque City.

Also expected to be signed this month with Japan is the $89 million loan for the third phase of the Plaridel Bypass Road in Bulacan, the DOF said.

A $142 million loan for the flood management project in the Cavite industrial area, meanwhile is targeted for approval on the first week of February, the ministry said.