Japan Commits 241.991 Billion Yen ODA
For North-South Commuter Railway Project (Malolos – Tutuban)
1 Japanese Ambassador Kazuhide Ishikawa and Foreign Affairs Secretary Albert F. Del Rosario exchanged notes for yen loan “North-South Commuter Railway Project” amounting to 241.991 billion yen (approximately 93.457 billion pesos) on November 19, 2015 in the presence of Prime Minister Shinzo Abe and President Benigno S. Aquino III. Prime Minister Shinzo Abe announced during the state visit of the President to Japan last June 2015 that Japan would cooperate constructively in the project utilizing Japanese fund and technology.
2 This project aims to strengthen the transport network and ease serious traffic congestion in Metro Manila by constructing a commuter railway between Malolos and Tutuban (a part of the “North–South Commuter Railway Project”) and contribute to a more secure and sustainable economic development through promotion of investments.
JPY-PHP Exchange Rate = 0.3862 (2015 October Average)
Source: http://www.ph.emb-japan.go.jp/pressandspeech
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