PH, ADB ink $4.3B loan agreement for South Commuter Railway project


A picture shows the logo of the Asian Development Bank (ADB) displayed outside its headquarters in Manila on September 2, 2010. Photo by TED ALJIBE / AFP

MANILA, Philippines — Outgoing President Rodrigo Duterte and Asian Development Bank (ADB) President Masatsugu Asakawa have signed a $4.3 billion loan agreement for a railway project that will reduce travel time between Metro Manila and Calamba in Laguna to just one hour.

The South Commuter Railway project is a nearly 55-kilometer line between Manila and Calamba with a total of 18 stations.

“It will provide fast, affordable travel for millions of Filipinos, take cars off congested roads and reduce carbon emissions, and boost the economy by creating and providing access to more jobs,” Asakawa shared in a tweet on Thursday.

The ADB chief also praised the outgoing administration for its “commitment to economic reforms, infrastructure development, and pro-poor growth.”

The signing ceremony held at the Malacañang Palace in Manila on Thursday was also attended by Finance Secretary Carlos Dominguez III.

Last June 9, ADB approved the loan which it deemed as the “largest infrastructure financing in the Asia and the Pacific region to date.”

According to the ADB, the South Commuter Railway is “designed to provide safe access for all.”


PH among ADB, WB top borrowers in 2021

Weeks before Duterte gone, PH debt hits new high in March: P12.68 trillion


Subscribe to our business newsletter

Read Next

Don’t miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

For feedback, complaints, or inquiries, contact us.



Read original article here

Denial of responsibility! Vigour Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment
Enable Notifications    OK No thanks