Metro Manila (CNN Philippines, July 1) — The national government and the Asian Development Bank (ADB) on Saturday signed loan agreements amounting to over $1 billion for the Davao Public Transport Modernization Project (DPTMP).
According to Malacañang, the 672-kilometer project will have 29 routes and will connect key areas in Davao City to Panabo City, Davao Del Norte. It is expected to begin initial operations by 2024 and accommodate around 800,000 passengers daily.
The Department of Finance (DOF) said the loans amounted to $1.074 billion from the ADB and ADB-administered funds, including the Green Climate Fund (GCF) and the ASEAN Infrastructure Fund.
The GCF component of the loan package, which is $50 million, will be used to buy electric buses, according to the DOF.
“This will contribute to the country’s first nationally determined contribution under the Paris Agreement on Climate Change, which sets a 75 percent greenhouse gas emission reduction and avoidance target by 2030,” it said in a statement.
In a speech during the signing ceremony, President Ferdinand Marcos Jr. called on the Department of Transportation to accomplish the project within the set timeline.
Marcos also said the families who will be affected by the construction activities will be “properly compensated and, if need be, relocated.”
