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PH, Japan ink $130M loan deal to finance MRT-3 rehab project
PH, Japan ink $130M loan deal to finance MRT-3 rehab project
ABS-CBN News
Published May 26, 2023 07:24 PM PHT
Commuters ride the MRT-3 at the North Avenue Station in Quezon City on July 7, 2022. Mark Demayo, ABS-CBN News/file
MANILA -- The government on Friday signed loan agreement with Japan International Cooperation Agency (JICA) for the Metro Rail Transit (MRT) Line 3 Rehabilitation Project.
Finance Secretary Benjamin Diokno and JICA Chief Representative in the Philippines Sakamoto Takema signed the pact at the Department of Finance (DOF) office in Manila.
The rehabilitation project was originally approved by the National Economic and Development Authority (NEDA) Board on August 22, 2018 with the aim of improving the safety and service of the MRT 3.
The $130 million supplemental loan was approved by the NEDA Board on February 2, 2023.
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It would be used to finance the increase in the total project cost amounting to P29.6 billion following the additional scope of work submitted by the Department of Transportation (DOTr).
The rehabilitation includes provisions for capacity including rolling stock, rail tracks, signaling system, power supply system, overhead catenary system (OCS), communications system, and depot and station equipment.
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