The Department of Finance (DOF) on Wednesday said the government is set to sign the agreement on the first tranche of the Japanese funding for the Metro Manila Subway Project in the first quarter of the year.

According to the DOF, the contract for the first tranche of the ¥104.5-billion loan for the first phase of the Metro Manila Subway Project could be signed as early as the last week of the month.

The government is now just awaiting the approval from the Monetary Board and the issuance of the Special Presidential Authority.

Also up for signing is the loan accord for the Plaridel Bypass Road in Bulacan worth ¥9.399 billion.

According to the DOF’s International Finance Group, the ¥15.928-billion loan agreement for the flood risk-management project in Cavite is already up for the Monetary Board’s final approval, with the effectivity of the loan being eyed in the first week of February.

President Duterte and Japanese Prime Minister Shinzo Abe witnessed the ceremonial exchange of the signed loan agreement for the Cavite flood risk-management program at the Philippine International Convention Center last year, as well as the exchange of notes for the Metro Manila Subway and the Plaridel Bypass Road Project on the sidelines of the 31st Asean Summit and Related Meetings.

Foreign Secretary Alan Peter S. Cayetano and Japanese Ambassador Kojie Haneda signed the exchange of notes for the Metro Manila Subway and the Plaridel Bypass Road Projects last November.

The entire Plaridel Bypass Road Project involves the construction of a 24.61-kilometer arterial road that will link the North Luzon Expressway in Balagtas, Bulacan, with the Philippine-Japan Friendship Highway (Maharlika Highway) in San Rafael, Bulacan, to help alleviate the perennial traffic congestion at the core urban areas along the highway.

The first phase of the Metro Manila Subway project will run from Mindanao Avenue in Quezon City through the FTI complex in Taguig City to the Ninoy Aquino International Airport in Parañaque City, also decongesting the traffic in the area.