Press Releases
Signing and Exchange of Notes Concerning the Yen Loan to the Republic of the Philippines “the Metro Rail Transit Line 3 Rehabilitation Project (III)”
On February 4 (same day local time), in Manila, the capital of the Republic of the Philippines, Mr. ENDO Kazuya, Ambassador Extraordinary and Plenipotentiary of Japan to the Republic of the Philippines, and Hon. Maria Theresa Lazaro, Secretary of Foreign Affairs of the Republic of the Philippines, signed and exchanged notes concerning the Yen Loan “the Metro Rail Transit Line 3 Rehabilitation Project (III)” (loan provision up to 21,634,830,000 yen).
- Outline of the Project
Chronic traffic congestion has been a challenge in the Manila metropolitan area. This project aims to improve the safety and comfortability of the Metro Rail Transit Line 3 (MRT Line 3) and to promote the use of it through the rehabilitation of the line. It is expected to contribute to alleviating the serious traffic congestion in Manila metropolitan area, as well as to reducing air pollution and mitigating climate change. - Loan terms
- Interest rate: 0.8% per annum
- Repayment period: 40 years (including a 10-year grace period)
- Procurement terms: Japan tied
(Reference1) Basic Data on the Republic of the Philippines
The Republic of the Philippines has an area of approximately 300,000 square kilometers, a population of about 115.84 million people (2024, World Bank), and a gross national income (GNI) per capita is 4,470 USD (2024, World Bank).
(Reference2) Yen loan
Yen loans support developing countries by providing low-interest, long-term and concessional funds to finance their development efforts. For developing countries, since the funds are subject to repayment to Japan, it is expected to lead to effective utilization and self-sustaining development.