San Miguel Corporation (SMC) has tapped a consortium of Philippine banks for P100-billion to help complete the ongoing construction of Metro Rail Transit 7 (MRT-7) project.
The fund, which reached financial close on 1 June, will further speed up the construction of the rail line which is already 62 percent complete as of 14 June this year.
“We are happy to have achieved this milestone. It reflects the confidence that our partner banks have in the government’s vision for progress, and our ability to execute on vital projects that are critical to the country’s social and economic development and growth,” SMC president and CEO Ramon S. Ang said.
The syndication is also a testament to the resilience and strong business prospects of SMC and its subsidiaries amid a very challenging macro-economic environment.
“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,” Ang said.
Members of the consortium include BDO Unibank, Philippine National Bank (PNB), Bank of Commerce (BankCom), Security Bank, and the Government Service Insurance System.
Named lead arrangers and bookrunners for the transaction were BDO Capital & Investment Corp., PNB Capital and Investment Corp., SB Capital Investment Corp., and BankCom-Investment Banking Group.
The Marcos administration has identified the MRT-7 project, which runs from Quezon City to San Jose del Monte City in Bulacan, as one of 194 high-impact flagship projects under its “Build Better, More” program deemed crucial to improving the quality of life of Filipinos.
The MRT-7 project will have 14 stations, namely: Quezon North Avenue Joint Station; Quezon Memorial Circle; University Avenue; Tandang Sora; Don Antonio; Batasan; Manggahan; Dona Carmen; Regalado; Mindanao Avenue; Quirino; Sacred Heart; Tala; and San Jose del Monte. It can accommodate 300,000 passengers in its first year of operations, and up to 850,000 passengers daily in its 12th year.
The project will also feature an intermodal transportation hub catering to other types of public transportation, as well as a 19-km highway from San Jose del Monte to Bocaue, Bulacan.
