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Manila Bulletin devider Business devider PH inks ADB's $4.3 B infra loan

PH inks ADB's $4.3 B infra loan

Published Jun 17, 2022 01:06 pm

Less than two weeks before President Rodrigo Duterte’s term ends, the government sealed the Asian Development Bank’s (ADB) biggest infrastructure loan package that would connect Metro Manila and Calamba in Laguna through a railway system.

At a signing ceremony witnessed by President Duterte last June 16, Finance Secretary Carlos G. Dominguez III and ADB President Masatsugu Asakawa sealed the agreement for the first tranche of the loan amounting to $1.75 billion or P93.5 billion.

The first tranche accounts for about 40 percent of ADB’s $4.3-billion funding support for the South Commuter Railway Project (SCRP). The loan is more than half of the railway system’s total estimated project cost is $8.07 billion.

Another $1.75 billion loan is expected to be provided by the ADB in 2024, representing the second tranche of the financing package.

The final tranche of $800 million for this project is scheduled to be given in 2026.

Aside from ADB, the Japan International Cooperation Agency is also co-financing the SCRP through a $1.67 billion loan, with the Philippine government covering the rest of the balance of the project cost.

The SCRP will bring much-needed relief to thousands of Filipinos traveling between Manila and Calamba along with several nearby towns in Laguna as this is expected to cut travel time between the two points from about two hours by bus to less than an hour by rail.

On top of reducing traffic congestion and offering an affordable, safe and reliable means of transportation for commuters, the SCRP will also contribute to the Philippines’ climate action agenda through the reduction of greenhouse gas emissions once the project is complete.

The 54.6-kilometer (km) SCRP is part of the larger 163-km North-South Commuter Railway (NSCR) system, which is expected to create more than 35,500 jobs during the construction stage and over 3,000 permanent jobs during its operation.

With 18 stations, the SCRP is also expected to improve connectivity in the public transport network by connecting with all existing rail-based public transport lines in Metro Manila.

It includes a connecting line to the planned Metro Manila Subway, which will improve connectivity by operation of direct trains for passengers traveling from Calamba to Bonifacio Global City, Ortigas and Quezon City along the Metro Manila Subway.

The railway will be elevated to avoid flooding and reduce the impact and disruption to communities along the railway route. A technical assistance grant will support affected communities.

ADB will finance civil works for the railway viaduct, stations, bridges, tunnels, and depot buildings. The Japan International Cooperation Agency is funding the rolling stock and railway systems.

Dominguez cited the ADB strong support to the Philippines, which, in return, provided the institution “with a good home.”

Related Tags

SCRP ADB president Masatsugu Asakawa ADB Carlos G. Dominguez III South Commuter Railway Project Asian Development Bank Finance Secretary
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