LRMC seals P24B loan agreement for LRT-1 Cavite extension

Solid vote of confidence for LRT-1 Cavite extension. Light Rail Manila Corporation (LRMC) signed a P24-billion loan agreement for the LRT-1 Cavite Extension with lender banks Metropolitan Bank & Trust Company (Metrobank), Security Bank Corporation, and Rizal Commercial Banking Corporation (RCBC) in a ceremony held at the Makati Shangri-La recently.

The 15-year Omnibus Loan and Security Agreement (OLSA) signed by top officials of the banks and LRMC covers the LRT-1 Cavite Extension Project and rehabilitation of the present LRT-1 system.

P15.3 billion of the total loan amount will be allocated for the Cavite extension, which will connect the present endpoint at Baclaran to the Niog area in Bacoor, Cavite. The extension will add eight new stations that will serve passengers in the areas of Pasay City, Paranaque City, Las Pinas City, and Cavite. The new stations are Aseana, MIA, Asia World, Ninoy Aquino, Dr. Santos, Las Pinas, Zapote, and Niog.

The remaining P8.7 billion will be used for the rehabilitation of the present LRT-1 system including restoration of light rail vehicles (LRVs) and various station repairs.

In photo during the signing are (top row, left to right): Metrobank’s Antonio Ocampo, Jr. and Mary Mylene Caparas; Metro Pacific Light Rail Corporation’s David Nicol; LRMC’s Fatima Agbayani and Jesus Francisco; Light Rail Manila Holdings Inc.’s Karim Manuel Garcia and Noel Eli Kintanar; Macquarie Infrastructure Holdings Pte. Limited’s Michael Rodriguez; and Metrobank Trust’s Josefina Tuplano and Lalaine Sta. Ana. Also in photo are (bottom row, left to right): RCBC Capital’s Claudine Del Rosario and Jose Luis Gomez; First Metro Investment’s Justino Juan Ocampo and Rabboni Francis Arjonillo; RCBC’s Elizabeth Coronel and Michelangelo Aguilar; Security Bank’s Alberto Villarosa and Mariza Arcilla; SB Capital’s Eduardo Olbes and E. Federico Galang III; and RCBC Trust’s Lourdes Ferrer and Eric Victoria.

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