San Miguel Corporation (SMC) has signed a PHP100 billion loan agreement to finance the Metro Rail Transit 7 (MRT 7) project in Bulacan, Philippines. The fund will be used to speed up construction of the rapid transit line, which as of June 2023, had achieved nearly 62 per cent competition.
The loan was provided by a consortium of key local banks including BDO Unibank, Philippine National Bank (PNB), Bank of Commerce (BankCom), Security Bank and the Government Service Insurance System. BDO Capital & Investment Corporation, PNB Capital and Investment Corporation, SB Capital Investment Corporation and BankCom-Investment Banking Group are the lead arrangers and bookrunners. Meanwhile, Picazo Buyco Tan Fider & Santos and SyCip Salazar Hernandez & Gatmaitan were appointed as legal advisors.
The 23-km-long elevated MRT line will run from Quezon City to San Jose del Monte City in Bulacan and feature 14 stations along the route. The system will be capable of transporting around 300,000 passengers during the first year of operation with the number increasing to 850,000 annual passengers by its 12th year.
To promote intermodality, the transit project will also feature a hub, providing easy interchange with other public transport systems in Bulacan city.
The urban transit project is one of the 194 high-impact infrastructure projects under the Government of the Philippines’ Build Better, More program.
