Phl secures US$1.45 B funding for Malolos-Clark railway project

The Philippine government has secured financing from the Asian Development Bank (ADB) worth USD 1.45 billion for the Malolos-Clark Railway Project (MCRP).

ADB Philippines Country Director Pavit Ramachandran said the MCRP is one of ADB’s biggest financing projects in the Asia and Pacific region.

“We are proud to partner with the government in making the vision of a world-class mass transportation system in the country a reality. This major transformative project will spur more investments, create jobs, and contribute to sustaining the country’s growth momentum,” Ramachandran said in a statement last Wednesday..

The 53.1-km. MCRP is part of the 163-km. North-South Commuter Railway (NSCR), is a major infrastructure project of the government to provide safe, reliable, and eco-friendly transport connecting Luzon provinces to Metro Manila.

The newly approved loan is the second and final tranche of its MCRP financing facility.

In 2019, ADB approved the first tranche of financing for the project amounting to USD 1.3 billion.

In a chance interview on April 9, Ramachandran told reporters that ADB is eyeing to finance some USD4 billion for Philippine projects this year, which include the MCRP.

These funds, in the form of loans, would be invested in the sectors of infrastructure, healthcare, food security, and the blue economy.

He said pipeline projects for ADB financing this year include the USD400-million Walang Gutom (Zero Hunger) Program under the Reducing Food Insecurity and Undernutrition with Electronic Vouchers (REFUEL) Project, the USD400-million Marine Ecosystems for Blue Economy Development Program, and the USD300-million Accelerating Expansion and Sustainability of Health Services for Universal Health Care (ACCESS UHC).

“(These are_ just some of the items included in this year’s project pipeline, they are among the biggest in loan amount terms in the list of projects for delivery this year,” Ramachandran said.