NEDA okays integrated terminal for LRT Line 1

MANILA, Philippines - The board of the National Economic and Development Authority (NEDA) has confirmed the approval of an integrated terminal for the proposed Light Rail Transit (LRT) Line 1 North Extension Project.

The project has been reevaluated by the interagency Investment Coordination Committee (ICC) and now includes an integrated terminal for easy passenger transfer to other lines.

The so-called Metro Manila Integrated Rail Terminal (MMIRT) will be located in front of SM North Edsa Annex. It aims to provide a common terminal for easy passenger transfer between the LRT and Metrorail Transit (MRT) lines 1, 3 and 7.

It also intends to close the MRT 3 – LRT 1 Loop with provision for a possible seamless rail operation of Lines 1 and 3.

“As such, there will be an alignment of MRT 3, shortening of the LRT Line 1 North Extension guide way and modifying the design of the EDSA North Avenue station of MRT 7,” NEDA said yesterday.

The total budgetary requirement for the terminal is P777.6 million. It is targeted for completion by May 2010 and is expected to operate by August 2010.

Aside from the approval of the integrated terminal for the LRT Line 1, the NEDA board also confirmed ICC approval of the Logistics Infrastructure Development Project (LIDP), a funding facility by the Japan International Cooperation Agency (JICA).

The facility has been confirmed by the NEDA board in 2005 but has been reverted to the ICC for some changes.

The cost of the project’s technical assistance component has been increased to P160 million from P80 million and its local counterpart to P5.4 million from P4 million.

This has resulted in an increase in the total project cost by 7.18 percent to P21.56 million from P20.12 million previously.

Other changes are the exclusion of stand-alone power projects as among the eligible projects under the facility. Government agencies are also now eligible as sub-borrowers as long as they get clearance from the Department of Finance.

The LIDP aims to improve the country’s infrastructure facilities and logistics system by providing mid and long-term financing to private companies, local government units (LGUs), government-owned and controlled corporations (GOCCs), cooperatives, and government agencies.

The facility also intends to finance the technical assistance need of the Development Bank of the Philippines (DBP) “its proponent institution” as well as private financial institutions (PFIs).