The grammatical form employed here is the present progressive.

The future progressive tense is used when expressing events and action in progress at some future point, however the example sentence cannot be understood in that way.

In the official question collection it is explained as being "passive voice of the present continuous tense".

In a progressive tense sentence it becomes the -ing form verb, that is the present participle.

The example is a past progressive tense sentence. How was everybody taught when they were learning about progressive tense?

The Japanese economy is going through a period of great stress.

History goes on with old ideas giving way to the new.

One of the visitors cried out to obstruct the proceedings.

The urban-renewal project is now well under way.

The war is still going on.

Never get off the train while it is going.

Plans are under way to build a new city hospital.

Preparations for the new project are under way in both companies simultaneously.

The new bridge is in process of construction.

A thorough investigation is now in progress.

Preparations for the ceremony are under way.

The athletic meeting went on as scheduled.

The investigation is under way.

The work is now in progress.

That project is proceeding slowly.