Funding for the Metro Manila Subway Project (MMSP), the country’s first underground railway, is set to continue until its completion, according to Transportation Secretary Jaime Bautista. The project is currently being financed through two loan agreements, with plans for a third tranche loan worth 150 billion yen by March 2024.
To secure the necessary funding, discussions are underway between the National Economic and Development Authority (NEDA), the Department of Finance (DoF), and the Japan International Cooperation Agency (JICA) and the Government of Japan. Bautista clarified that it is the DoF that is negotiating with JICA, emphasizing the support they have received from JICA in implementing the project on schedule for its targeted completion in 2029.
Recently, Finance Secretary Ralph Recto joined Bautista in inspecting the subway’s tunnel, which is currently being drilled from its Valenzuela depot. Recto expressed his commitment to ensuring the project’s timely completion, particularly as the Transportation department addresses right-of-way issues. Recto stated, “The Department of Finance is fully committed to securing the funding for this project. We aim to finalize the loan agreement for the 3rd tranche of financing by March 2024.”
The Metro Manila Subway Project (MMSP) encompasses the construction of a depot and a 33-kilometer railway line, which will feature 17 stations connecting Valenzuela City to Pasay City, with a spur line extending to Terminal 3 of Ninoy Aquino International Airport (NAIA) in Parañaque City.
Once operational, the subway will significantly reduce travel time from Valenzuela to NAIA, slashing the current 1 hour and 30-minute journey to just 35 minutes. The subway is expected to serve approximately 519,000 passengers daily, greatly easing congestion and improving transportation efficiency in Metro Manila.
Often referred to as the “Project of the Century,” the Metro Manila Subway is scheduled to partially open in 2025, with full operational capacity anticipated by 2029.
The MMSP represents a significant milestone for the Philippines, as it introduces the country’s first underground railway system. The project’s funding commitments and ongoing negotiations with JICA and the Government of Japan demonstrate the strong support and dedication from both local and international stakeholders.
By investing in the Metro Manila Subway, the Philippines aims to enhance its transportation infrastructure and provide a more efficient and convenient mode of travel for its citizens and visitors. The reduction in travel time and increased capacity offered by the subway will undoubtedly contribute to the economic growth and development of Metro Manila, as well as improve the overall quality of life for its residents.
In conclusion, the funding for the Metro Manila Subway Project continues to progress, with ongoing discussions and negotiations between the Philippines and Japan. The project’s completion in 2029 will mark a significant milestone for the country, as it introduces its first underground railway system. The Metro Manila Subway is poised to revolutionize transportation in the capital region, reducing travel time and improving efficiency for hundreds of thousands of passengers daily. With the commitment and support from both local and international stakeholders, the Metro Manila Subway Project is set to become a transformative infrastructure development for the Philippines.
Source: The Manila Times
