UPDATE1: Japan to lend 167 bil yen ($1.5 bil) for Philippines north-south railway extension
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MANILA, NNA - The Japanese and Philippine governments signed an agreement Wednesday on a soft loan from Japan of up to 167.2 billion yen ($1.5 billion) for a railway extension project in greater Manila to help ease traffic.
This is the third yen loan made to build or improve railways in the metropolitan area. The three loans total a maximum 310 billion yen. The 107-kilometer extension of the commuter railway is scheduled to complete in 2023.
The North-South Commuter Railway Extension Project will link Manila to the provinces of Bulacan, Pampanga, and Laguna,
The governments also signed an agreement on a loan from Tokyo of up to 37.9 billion yen ($336.2 million) for the Pasig-Marikina River Channel Improvement Project Phase IV which is designed to mitigate flooding in Metro Manila.
During his visit to the Philippines last year, Japanese Prime Minister Shinzo Abe said Tokyo would provide Manila 1 trillion yen in assistance over the next five years, which includes government loans and private sector investments.