San Miguel Corp. said it has tapped a P100- billion loan to fund its Metro Rail Transit (MRT)-7 project.
“The fund, which reached financial close last June 1, will help further speed up the construction of the MRT-7, which is at 61.92 percent completion as of June 14, 2023,” San Miguel said in a statement.
The loan was sourced from a consortium of banks — BDO Unibank Inc., Philippine National Bank, Bank of Commerce, Security Bank Corp. and the Government Service Insurance System.
“The support we are getting from major Philippine banks shows that they recognize how important this project is to many Filipinos, and appreciate our overall vision of a Philippines made more progressive, resilient, and competitive, through investments in major projects such as efficient mass transport systems,” said Ramon Ang, San Miguel president.
MRT-7 will run from Quezon City to San Jose del Monte City in Bulacan and will have 14 stations.
The system is projected to accommodate 300,000 passengers in its first year of operations, and up to 850,000 passengers daily on its 12th year.
MRT-7 will also feature an intermodal transportation hub catering to other types of public transportation, as well as a 19-kilometer highway from San Jose del Monte to Bocaue, Bulacan.
“MRT-7 will generate countless jobs, boost local economies, and create more opportunities for so many Filipinos. We are grateful to our lenders as this facility will allow us to remain on track to meeting our target to start operations in 2025 bringing us closer to a future where Filipinos can reap the benefits of enhanced mobility and accessibility,” Ang said.
