Japan to Extend Yen Loans for Philippine Railway Repair Work
Tokyo, Nov. 7 (Jiji Press)--The Japanese government on Wednesday signed notes to extend up to 38.1 billion yen in soft loans for repair work to an elevated railway in the Philippine capital of Manila.
The move followed a request for assistance from the Philippine government due to repeated problems in railway and train car maintenance and management work after the contractors switched from Japanese to Philippine and South Korean firms six years ago.
Subject to the loan program will be a repair project for the 17-kilomter MRT-3 line.
Sumitomo Corp. <8053> and Mitsubishi Heavy Industries Ltd. <7011>, both of Japan, were in charge of maintenance and management work for the line when it was launched in 2000.
Their contracts ended in 2012. After that, accidents including fires on train cars and derailments occurred.
[Copyright The Jiji Press, Ltd.]