Philippine Metro Rail Raise to Cost $700m
Expansion and improvements to services on Metro Manila’s rapid transit line in the Philippines, Metro Rail Transit (MRT), will require up to $700m.
According to Metro Pacific Investments Corporation estimates, the amount would be utilised to purchase rolling stock and signalling systems.
The amount will also be used to upgrade or enlarge platforms and to expand MRT stations, according to gmanews.tv.
The 17km MRT line, running along the entire stretch of Epifanio de los Santos Avenue, carries an estimated 500,000 passengers a day and has 13 stations along its route.
Philippine-based MPIC is a unit of Hong Kong-based First Pacific Company, which has rights and interests in the MRT 3 companies.
MPIC earlier revealed it was considering a possible buy-out of Fil-Estate’s 29% stake in MRT 3 and has signed an agreement with the company relating to the latter’s rights and interests in the MRT 3 companies.