The much-anticipated Mega Manila Subway project, which claims a travel time of 31 minutes from Quezon City to Taguig, is now one step closer to reality.
Yesterday, officials from the Philippine and Japanese governments formally signed the first tranche of the Official Development Assistance (ODA) loan for the P355.6 billion project. The first tranche covers ¥104.530 billion, or roughly $935 million. It carries a 0.10% per annum interest rate for non-consulting services, and a 0.01% per annum rate for consulting services. The loan will be repaid within 40 years with a 12-year grace period.
Representing the Philippines during the signing were Finance secretary Carlos Dominguez III, Budget and Management secretary Benjamin Diokno, and Transportation undersecretary for railways TJ Batan.
“Previously thought by many to be impossible, today's milestone in realizing the Philippines' first subway project is a testament to the adage that bold problems require bold solutions, and that bold solutions require bold and visionary leaders to deliver,” said Transportation undersecretary Batan.
This is certainly good news for the commuters out there. The subway will stretch 30km, with 14 stations between Mindanao Avenue and NAIA, with an optional 5km extension and two additional stations to connect to LRT 1. The Department of Transportation estimates it will be able to service 370,000 passengers daily.