13 Aug Philippines to Receive $2.4B Fund From Japan For Railway Project
Last August 12, 2016, Japan announced to fund an amount of $2.4 billion for the new railway project in the Philippines, specifically to solve the gridlock in Manila. The mentioned railway was among the topics discussed by visiting Foreign Minister Fumio Kishida with President Rodrigo Duterte a day earlier from the announcement in the southern city of Davao.
The said railway which is a 24-mile (38-kilometer) elevated commuter line would connect Manila to Bulacan province, to probably decongest Manila.
“This is one of the biggest projects Japan has ever embarked upon using the yen loan,” said deputy press secretary for Japan’s foreign ministry Masato Ohtaka. “Railways are one of our fortes … We sympathize with the Filipinos that this is a project that needs to be done very, very quickly.”
According to Ohtaka, Japan is also open to building a railway in Mindanao’s southern region which was a project of President Rodrigo Duterte. Duterte previously said that China offered to provide a fund for it.
Though Ohtaka did not provide a timeline for the said railway project, the said Japanese loan is payable over 40 years which is for the Transportation Department.