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DEPARTMENT
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DEPARTMENT
OF FOREIGN AFFAIRS |
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SFA-AGR-080-08 |
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PHILIPPINES AND JAPAN SIGN AGREEMENT FOR SUPPLEMENTAL LOAN FOR THE SUBIC-CLARK-TARLAC EXPRESSWAY PROJECT |
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27 March 2008 – In a ceremony held today at the Department of Foreign Affairs, Secretary Alberto Romulo and Japanese Ambassador Makoto Katsura signed and exchanged the Notes on the supplemental loan for the Subic-Clark-Tarlac Expressway Project (SCTEP) amounting to JPY17.11 billion (PhP6.6 billion).
The SCTEP is a 94-kilometer four-lane toll expressway which has 34 bridges and eight (8) interchanges that connects the important economic zones in Central Luzon – the Subic Bay Freeport and Special Economic Zone in Zambales, the Clark Special Economic Zone in Pampanga, and the Central Techno Park in Tarlac.
The initial loan for the SCTEP, signed on 13 September 2001 in Tokyo, amounted to JPY41.9 billion (PhP 21.3 billion). The supplemental loan brings the total project financing from Japan to JPY59 billion (PhP28 billion).
The project will facilitate human and cargo transport in the Central Luzon area and contribute to the integrated and sustainable development of the regional economy.
The signing ceremony was also attended by Bases Conversion and Development Authority (BCDA) President and CEO, Gen. Narciso L. Abaya, Vice President for Finance Victor B. Zablan, and Minister for Economic Affairs Akira Sugiyama, First Secretary Mitsuhiro Ito, and Second Secretary Hirosato Yoshino of the Japanese Embassy. END |
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