(UPDATED) – The governments of the Philippines and Japan finally exchanged notes on the long-delayed loan agreement for the rehabilitation of the Metro Rail Transit Line 3 (MRT3).
An exchange of notes means the details of the project and financing arrangement have been ironed out. It comes before the actual signing of agreements.
On Wednesday, November 7, Philippine Foreign Secretary Teodoro Locsin Jr and Japanese Ambassador to the Philippines Koji Haneda exchanged notes on the MRT3 rehabilitation loan deal at the Department of Foreign Affairs, witnessed by Railways Undersecretary Timothy John Batan.
"We all know that a safe and eco-friendly transport system is crucial to the Greater Manila Area and to the Philippines as a whole to realize sustainable economic growth and comfortable life for Filipinos. This is precisely where Japanese technology and expertise from years of railway experience come in," Haneda said in his speech.
The signing of the loan agreement will be done on Thursday, November 8, at the Department of Finance.
Ahead of the loan deal signing, Japan's Sumitomo-Mitsubishi Heavy Industries (MHI) already returned as maintenance provider in October. Sumitomo-MHI is the original builder of the MRT3 railway system and maintained it until 2012.
Back in August, the National Economic and Development Authority (NEDA) Board Investment Coordination Committee-Cabinet Committee (ICC-CabCom) approved the P22.06-billion MRT3 rehabilitation project.
It is 80% funded by the Japanese loan, while the remaining amount will be shouldered by the Philippine government. The project is expected to be completed by the 1st quarter of 2021.
Helicopter parts
The two governments also signed notes on Japan's donation of "no longer needed" UH-1H helicopter parts and maintenance equipment to the Philippine Air Force.
This was done on the basis of the Philippine government's request, to enhance the capabilities of the Philippine Air Force to carry out humanitarian activities.
"The project we signed today will mean closer partnership between our defense [agencies]. I hope we can identify and implement projects beneficial for us in the future," Haneda said.
Defense Secretary Delfin Lorenzana witnessed the signing.
Wednesday, November 7, 2018
PHL, Japan exchange notes for MRT3 rehab
The governments of the Philippines and Japan on Wednesday exchanged notes for the rehabilitation of the Metro Rail Transit Line 3.
The Philippine government was represented by Foreign Affairs Secretary Teodoro Locsin Jr., while the Japanese government was represented by Ambassador of Japan to the Philippines Koji Haneda.
Locsin and Haneda exchanged notes on the MRT3 rehabilitation loan deal at the Department of Foreign Affairs main office in Pasay City.
The exchange of notes was witnessed by Transportation Undersecretary for Railways Timothy John Batan.
Under the Exchange of Notes, Japanese company Sumitomo-Mitsubishi Heavy Industries will return as the firm in charge of the maintenance and rehabilitation of the MRT3.
Sumitomo-Mitsubishi Heavy, as the original MRT3 maintenance contractor, has designed and built the line, as well as maintained it in its first 12 years.
The exchange of notes will be followed by the signing of a loan agreement on Thursday, November 8. — MDM, GMA News
http://www.gmanetwork.com/news/money/companies/673876/phl-japan-exchange-notes-for-mrt3-rehab/story/
The Philippine government was represented by Foreign Affairs Secretary Teodoro Locsin Jr., while the Japanese government was represented by Ambassador of Japan to the Philippines Koji Haneda.
Locsin and Haneda exchanged notes on the MRT3 rehabilitation loan deal at the Department of Foreign Affairs main office in Pasay City.
The exchange of notes was witnessed by Transportation Undersecretary for Railways Timothy John Batan.
Under the Exchange of Notes, Japanese company Sumitomo-Mitsubishi Heavy Industries will return as the firm in charge of the maintenance and rehabilitation of the MRT3.
Sumitomo-Mitsubishi Heavy, as the original MRT3 maintenance contractor, has designed and built the line, as well as maintained it in its first 12 years.
The exchange of notes will be followed by the signing of a loan agreement on Thursday, November 8. — MDM, GMA News
http://www.gmanetwork.com/news/money/companies/673876/phl-japan-exchange-notes-for-mrt3-rehab/story/
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