Gov’t to seek Japan’s aid to solve MRT woes once and for all
The Philippines is looking to rely on Japanese funding and expertise to bring this railway in top shape.
Economic managers of President Rodrigo Duterte are looking to put an end to the sorry state of the Metro Rail Transit (MRT) Line 3 that they are eyeing to run to Japan for help.
In an Inquirer report, the National Economic and Development Authority is apparently looking to approve an P18.3 billion loan offered by the Japanese government (roughly 38 billion yen) to facilitate the rehabilitation of the MRT-3.
The loan will be carry an interest rate of 0.1 percent annually, to be paid in 28 years.
Japanese firms run the MRT-3 from 2000 to 2012, but was taken off their hands since.
MRT-3 runs from North Avenue in Quezon City to Taft Avenue in Pasay, and has been facing embarrassing and frequent breakdowns which have inconvenienced commuters in Metro Manila.