Rizal Hall, Malacañan Palace
July 11, 2019

Simultaneous with the celebration of the Government-Owned and Controlled Corporations (GOCC) Day, President Rodrigo Roa Duterte witnessed the signing of a loan agreement and exchange of documents between Department of Finance (DOF) Secretary Carlos Dominguez III and Asian Development Bank (ADB) Vice President Ahmed M. Saeed for the Malolos-Clark Railway Project (MCRP) in a ceremony at the Rizal Hall in Malacañan Palace.

“Among the initiatives in our national development agenda that is financially backed by GOCC remittances is the 53-kilometer Malolos-Clark Railway Project or the MCRP,” said President Duterte in his keynote address, adding that this shall be the Philippines’ first airport express service.

He cited that the project also highlights the crucial role of the Asian Development Bank (ADB) in bolstering the country’s infrastructure development program. “The loan facility of ADB has provided for initiatives such as the MCRP and has indeed complemented our GOCC’s remittances towards achieving our national development agenda,” he continued.

Expected to be completed by 2025, the MCRP is a flagship project of the government under the ‘Build, Build, Build’ Program. It forms part of the 163-kilometer North-South Commuter Railway (NSCR) that shall link New Clark City and Clark International Airport to Manila and Calamba, Laguna.

The estimated cost of the project is US$6.139 billion that is co-financed by the ADB and the Government of Japan through the Japan International Cooperation Agency (JICA).

“By the time it is completed, I expect that our people, especially those from Central Luzon, will greatly feel the impact of our Build, Build, Build Program,” President Duterte said.

Earlier in the event, a presentation of certificates and acknowledgement of dividend remittances took place to honor the outstanding contributions of officials representing 53 GOCCs.

The Chief Executive expressed his gratitude to these GOCCs for the PhP40 billion remittances in 2018, which is a 32% increase from the 2017 figures and the highest in 25 years.

Thereafter, the President received the new generation banknotes bearing the signature of Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno that was presented by the latter.

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