Author Topic: PHL, Japan ink P98.69B worth of loans for rail extension, river improvement proj  (Read 973 times)

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PHL, Japan ink P98.69B worth of loans for rail extension, river improvement projects
Published January 21, 2019 7:04pm
By JON VIKTOR D. CABUENAS, GMA News

https://www.gmanetwork.com/news/money/economy/682232/phl-japan-ink-p98-69b-worth-of-loans-for-rail-extension-river-improvement-projects/story/

Officials of the Philippines and Japan on Monday signed two loan agreements cumulatively worth P98.69 billion to finance railway and flood control projects in the country.

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The first covers an P80.47-billion loan covering the first tranche of Japan's total commitment to provide funding for the North-South Commuter Railway (NSCR) Extension Project.

The NSCR Extension Project covers the 56-kilometer line from Manila to Calamba in Laguna that forms part of the 147-kilometer NSCR System of the Philippine National Railways (PNR).

The system is also connected to the 38-kilometer line from Manila to Malolos in Bulacan, and the 53-kilometer line from Malolos, Bulacan to Clark in Pampanga.

The loan agreement for the NSCR Extension carries an interest rate of 0.1 percent per annum for non-consulting services, and 0.01 percent per annum for consulting services.

The loan is repayable within 40 years, inclusive of a 12-year grace period.

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Also signed on Monday was an P18.22-billion loan accord for the fourth phase of the Pasig-Marikina River Channel Improvement Project.

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