MANILA - The capital's first ever subway, estimated to cost $5 billion, will be up for approval by an economic board chaired by President Rodrigo Duterte next month, a Cabinet official said.
The feasibility study for the Mega Manila Subway, funded by the Japan International Cooperation Agency, has been completed and it will be submitted to the National Economic Development Authority Board, said Socioeconomic Planning Secretary Ernesto Pernia.
"The subway is going to be the project of the century for the Philippines as it will cost something like $5 billion," Pernia told reporters on Thursday.
Pernia said the government hoped to secure official development aid from Japan for the subway project by November, when Japanese Prime Minister Shinzo Abe visits the Philippines for the Association of Southeast Asian Nations summit.
Once completed, the Mega Manila Subway is expected to serve around 370,000 passengers daily, complementing the congested lines of Metro Rail Transit and Light Rail Transit.
It is part of the President's ambitious P8-trillion plan to rebuild a creaking infrastructure network that has held back growth and resulted in chronic traffic jams.
The "build build build" program has also aided economic growth. Gross domestic product in the second quarter expanded by 6.5 percent, exceeding estimates, as government spending on infrastructure offset a slowdown in private investments.