On February 9, Japan Minister for Foreign Affairs Hayashi Yoshimasa and Philippine Secretary of Foreign Affairs Enrique Manalo exchanged notes on two yen loan projects totaling 377 billion yen (approximately 158 billion pesos).

The exchange took place in the presence of Prime Minister Kishida Fumio and President Ferdinand Marcos, Jr. during the latter’s visit to Japan.

The North-South Commuter Railway Extension Project (Phase II) (270 billion yen) will extend the North-South Commuter Railway (Malolos-Tutuban), which is under construction in Metro Manila, to Calamba, Laguna in the south and Clark International Airport in Pampanga in the north.

The project seeks to strengthen connectivity between the metropolitan area and its suburbs, alleviate traffic congestion, and improve citizens’ lives more convenience by developing safe, comfortable, and rapid public transportation,

Japan, together with the Asian Development Bank (ADB), will continue to support this project.

The North-South Commuter Railway Project (Malolos-Tutuban) (Phase II) (107.017 billion yen) project, which will run from Malolos, Bulacan in the north to Tutuban, Manila in the south, aims to improve Metro Manila’s transportation network, reduce the area’s severe traffic congestion, and promote sustainable economic growth through investment promotion.

The terms and conditions are: Interest rate: 0.1 percent per annum (0.01 percent per annum for consulting services), repayment period: 40 years (including a 10-year grace period) and financing terms: Japan-tied. Japan Information and Culture Center