Loans worth a total of $1.42 billion are being secured for works to the Cagayan de Oro-Malaybalay Highway and Metro Manila Subway in the Philippines. The funding is being supplied from Japan by the Japan International Cooperation Agency (JICA). The package is being used to pay for engineering services for the Central Mindanao High Standard Highway Construction Project. The project is being managed by the Department of Budget and Management (DBM).
The Central Mindanao High Standard Highway Construction Project will cut traffic congestion and reduce delays for drivers on the island of Mindanao. The new link will provide extra capacity for vehicle traffic between Cagayan de Oro City and Malaybalay City in Bukidnon. The link will boost travel and trade in the National Capital Region and Northern Mindanao.
Meanwhile, the funding for the Metro Manila Subway is being used to pay for consultancy services, rolling stock and electromechanical works.
Completion of these transport improvement projects is anticipated in 2034. This latest financial package from JICA is in addition to loans from the Asian Development Bank, as well as counterpart funding from the Philippines’ Government.
