Philippine and Japanese officials signed the P18 billion loan agreement for the rehabilitation of the MRT-3 on Thursday.
Finance Secretary Carlos Dominguez and Japan International Cooperation Agency Senior Vice President Yasushi Tanaka signed the agreement at the Department of Finance office.
Ambassador of Japan to the Philippines Koji Haneda, Department of Transportation (DoTr)Undersecretary for Planning Ruben Reinoso, DoTr Usec. for Railways Timothy John Batan, Philippine National Railway General Manager Junn Magno and other government officials witnessed the signing.
The MRT-3 Rehabilitation Project involves the complete restoration of the MRT-3 back to its design capacity and reliability. It covers the general overhaul of the MRT-3’s entire fleet of 72 light rail vehicles (LRV) and day-to-day maintenance.
The loan facility will be used to cover investments for tracks replacement, general overhaul of trains, power supply system, overhead catenary system, CCTV system, radio and public address system, signaling system, road-rail vehicles, depot equipment, elevators and escalators, and other station building equipment.