MANILA, Philippines - The Clark-Tarlac segment of the Subic-Clark-Tarlac Expressway (SCTEx) will open this Friday, marking the start of full commercial operation of the entire 94-kilometer expressway.
In a statement on its website, the Japan Embassy in Manila said the Subic-Clark segment was opened to vehicular traffic last April 28.
"The completion of this project was made possible by a Y59-billion
(P28-billion) loan provided by the Government of Japan, through the Japan Bank for International Cooperation (JBIC)," it said.
The yen loan used to fund the project is most yielding with its interest rate of 0.95% per annum and a 40-year payment period with a 10-year grace period, it added.
The 94-km SCTEx has 34 bridges, eight interchanges and a four-lane toll road that connects Subic Bay Freeport and Special Economic Zone in Zambales, the Clark Special Economic Zone in Pampanga, and the Central Techno Park in Tarlac.
It will cut travel time between Clark and Subic to 40 minutes, between Clark and Tarlac to 25 minutes, and from NLEX in Metro Manila to Subic to around one hour and 30 minutes.
"This project will facilitate human and cargo transport in the Central Luzon area and contribute to the integrated and sustainable development of the regional economy," it said.
The embassy said the Japanese government's assistance supports the development of the Philippine transportation sector in line with President Arroyo's 10-point agenda.
"Japan is the Philippines ' largest source of ODA and has been a long-time partner in the construction and rehabilitation of national highways, particularly in the improvement of road networks and reduction of traffic congestion," it said. - GMANews.TV