Light Rail Transit 1 (LRT1) P24 billion Cavite Extension project

Overview:

• The Philippines-based Light Rail Manila (LRMC) has received a 15-year P24 billion omnibus loan and security agreement for the development of the Light Rail Transit (LRT1) Cavite Extension project.
• The funding, which equals to around $505 million, was backed by several major Philippines banks including Metropolitan Bank & Trust, Rizal Commercial Banking and Security Bank.
• The LRT 1 project, with a total cost of approximately P65 billion ($1.4 billion), will maintain the existing oldest elevated railway LRT Line 1 and build an 11.7 km extension from the current end point at Baclaran, Pasay City to the Niog area in Bacoor, Cavite. 
• LRMC is jointly owned by Metro Pacific Light Rail, Ayala's AC Infrastructure Holdings and Macquarie Infrastructure Holdings.

Wai Yee Tsang - Journalist Asia-Pacific