Fellow workers in the government; friends from the media; ladies and gentlemen: Thank you all for coming here today.

Today marks the first of many visits by the Department of Finance to ensure that projects funded by official development assistance from our international partners are moving efficiently for the benefit of the Filipino people.

I would like to thank the Government of Japan, through the JICA, for their extreme generosity and strong support for the Metro Manila Subway Project.

Once completed in 2029, the 17-station subway line will cut travel time from Valenzuela to NAIA from 1 hour and 30 minutes to only 35 minutes. This will benefit 519,000 commuters every day.

In addition to sparing our people from the burdens of commuting, the subway will also spur more businesses and create job opportunities.

The construction of this massive project has already generated 5,469 jobs for both skilled and unskilled workers, providing a vital boost to our labor market.

It is estimated that more than 5,500 workers will benefit from employment opportunities once the subway fully operates in 2029.

An effective and efficient mass transportation system is indispensable for achieving inclusive growth.

And yet, for far too long, our people and the economy have suffered tremendous losses from the scourge of traffic congestion—a reality we are all too familiar with.

Based on a recent international index, Metro Manila had the worst traffic congestion among 387 metro areas in the world. This is unacceptable.

A JICA study revealed that the traffic congestion in Metro Manila alone costs the Philippine economy at least 3.5 billion pesos per day or a staggering 1.27 trillion pesos annually.

JICA predicts that this will increase to 5.4 billion pesos daily or 1.97 trillion pesos per year by 2035 if no effective intervention is done.

One thing is clear: business-as-usual is not an option. We refuse to let Filipinos squander their hard-earned money and valuable time because of traffic.

The Marcos, Jr. administration is running full speed ahead on constructing the Metro Manila Subway and other infrastructure projects all over the country to break the chokehold of congestion.

The Metro Manila Subway’s direct economic benefits will allow us to save about 2.5 billion pesos daily or 930.26 billion pesos annually through reduced vehicle costs, travel time, and carbon emissions. The subway system alone will significantly mitigate economic losses caused by traffic congestion in the metro.

More than the economic benefits and speed, we also owe it to the Filipino people to ensure that their hard-earned taxes are invested in world-class infrastructure projects.

We are employing cutting-edge Japanese technologies in the construction of the Metro Manila Subway.

The design incorporates innovative features like flood management and advanced seismic technology to ensure not only efficiency but also sustainability for generations to come.

I trust that the Department of Transportation will ensure the timely completion of this project so that Filipinos can enjoy the full benefits of the subway at the soonest possible time.

I can personally attest to Secretary Jimmy Bautista’s steadfast leadership. With his strong management acumen and solid grounding in transportation, all projects will certainly be executed with haste and efficiency.

For our part, the Department of Finance is fully committed to securing the funding for this project.

We aim to finalize the loan agreement for the third tranche of financing by March 2024. We will also remain resolute in monitoring the progress of all ODA projects.

Rest assured, this administration will spare no effort in delivering top-notch infrastructure projects to modernize the Philippine mass transportation system. We are working non-stop to get all of these done as soon as possible.

We are committed to ushering in a future where traffic no longer disrupts the lives of Filipinos—when time is not lost but savored to pursue more meaningful and productive activities. When each of us can devote quality time with our families. When we can reap the benefits of the seamless movement of goods across the archipelago to facilitate economic growth and prosperity for all.

All of these will be made possible through the realization of President Marcos, Jr.’s Build Better More program. This is the promise of Bagong Pilipinas.

Again, maraming salamat sa inyong lahat.