PHL, Japan exchange notes on Manila subway

President Rodrigo Duterte and Japanese Prime Minister Shinzo Abe on Monday witnessed the exchange of notes for the Metro Manila subway project.

Foreign Affairs Secretary Alan Peter Cayetano and Japanese Ambassador to the Philippines Kojie Haneda exchanged notes after Duterte and Abe's bilateral talks at the Philippine International Convention Center on the sidelines of the 31st Association of Southeast Asian Nations Summit and Related Summits.

Pres. Duterte thanks Japan for assistance in Marawi. ????: MPC Pool pic.twitter.com/goe2USMKbW

— Trisha Macas (@trishamacas) November 13, 2017

According to the Ministry of Foreign Affairs of Japan, the construction of the first phase of the Metro Manila subway will amount to ¥104.53 billion.

The loan terms for the subway project are as follows:

• Rate of Interest: 0.1% per annum (0.01% per annum for consulting services)
• Repayment period: 28 years after the grace period of 12 years
• Procurement terms: Japan tied

The Philippines and Japan also exchanged notes on the arterial bypass road along the Philippine-Japan Friendship Highway in Plaridel, Bulacan and on economic and social development program.

The grant includes the provision of equipment for the rehabilitation of Marawi City for the Department of Public Works and Highways and coast watch radars to increase the Philippine Coast Guard's anti-terrorism capabilities in West Mindanao.

Meanwhile, Finance Secretary Carlos Dominguez III and Japan International Cooperation Agency Chief Representative in the Philippines Susumu Ito also exchanged notes on a loan agreement for the Cavite industrial area flood risk management project.

The Amended Letter of Arrangement on the transfer of Japan Maritime Self-Defense Force trainer aircraft TC-90s was also signed by Defense Undersecretary for Finance, Mmunitions, Installations and Materials Raymundo Elefante and Commissioner Acquisition Technology and Logistics Agency Yoshiyuki Suzuki. — DVM, GMA News