Ayala-MVP Group gets partial funding for P65B LRT 1 Cavite extension project
Light Rail Manila Corp. will use a big chunk of the P24 billion loan it secured from a syndicate of banks to support the construction of the Light Rail Transit Line 1 extension to Cavite.
LRMC, the joint venture between Ayala Corp. and Metro Pacific Investments Corp.,, said P15.3 billion would go to the 11.7-kilometer Cavite rail extension project.
The remaining P8.7 billion will be used for the rehabilitation program of the existing line, which runs from Baclaran in Paranaque City to Roosevelt in Quezon City.
The loan was obtained from the Metropolitan Bank & Trust Co., Security Bank Corp , and Rizal Commercial Banking Corp.