The Japan International Cooperation Agency (JICA) has agreed to loan $2.2bn to the Philippine government for the first phase of a Metro Manila rail scheme.
The project will include 15 underground stations and around 27km of track between Valenzuela City in the north of Metro Manila and Pasay City in the south.
As well as the stations and the underground railway, the money will be used to hire consultants, build a depot and procure rolling stocks.
One condition of the loan is the use of Japanese technology for tunnel excavation and the signal system. The main contractor for the work will be a Japanese company, or its overseas subsidiary, or a joint venture with a Philippine partner.
If all goes according to plan, the work should be completed by November 2027.