PH-Japan exchange of notes only the first tranche

Funding commitments for the Metro Manila Subway Project (MMSP) that were signed and exchanged between Japan and the Philippines during the 31st Asean Summit represent just part of the total amount pledged by Tokyo, the Department of Transportation (DOTr) said on Thursday.

In a statement, the DOTr said the “exchange of notes, signed [on] the sidelines of the Asean Summit, and the loan agreement that will be signed in January 2018 for JPY104.53-billion, represent the first tranche of the total amount pledged by Japan for the MMSP.”