TOKYO — Japan will provide close to P60 billion worth of loans to the Philippines to support key infrastructure and development projects. Three projects will be funded by the loan, which had a total amount of 129.857 billion yen ($1.143 billion), statements released by the Japanese foreign ministry showed. Trade Secretary Ramon Lopez said the terms of the loans are friendly because of the robust ties between the Philippines and Japan. As much as 104.53 billion yen may be given to support the first phase of the Metro Manila Subway Project. Part of the multibillion-peso loan will also fund the third phase of the arterial road bypass project, which costs about 9.399 billion yen.

Source: Philippine Star October 31, 2017 09:22 UTC