The agreement was signed by BCDA chairman Rogelio Singson and Kyosuke Shinozawa, governor and chairman of the board of JBIC.
Singson said the construction of an 89-kilometer four-lane expressway will usher in a new era of economic growth not only for the Subic and Clark Special Economic Zone but also for the rest of Central Luzon.
The road project is funded under the 10th Yen Loan package which is also known as the Obuchi Fund. The Philippines is one of the largest recipients of Japan’s Overseas Development Assistance (ODA) program with $412.98 million released to various projects in 1999 alone.
Singson said the road artery can be expanded to accommodate up to eight lanes with a rail system under the master development plan.
The provinces directly benefiting from the toll road project are Pampanga, Tarlac, Zambales andBataan and the cities of Angeles, Tarlac and Olongapo and the towns of Porac and Floridablanca in Pampanga, Bamban and Capas in Tarlac, and Hermosa and Dinalupihan in Bataan.
"Once fully completed, the Subic International Seaport and Clark International Airport become very attractive for international operation, making the Philippines more globally competitive," Singson added.
The road project is a priority program of President Arroyo to develop the countryside and decongest Metro Manila by dispersing major industries to the provinces. Locators in the industrial parks in Tarlac vigorously support the project as it will attract more investors to their areas and spur the economic development of the province. Nueva Ecija and Bulacan can also expect greater employment and business opportunities.
He stressed that Clark and Subic can offer the seaport and airport for the movement and storage of goods, data and services as a distribution hub for global operation.