MRT-7 on track as SMC completes financial closure

MANILA, Philippines - San Miguel Corp. (SMC) has fully complied with the financial closure for the Metro Rail Transit Line 7 (MRT-7), ahead of the Feb. 19 deadline set by the Department of Transportation and Communications (DOTC).

In a statement yesterday, SMC said its subsidiary Universal LRT Corp. BVI Ltd. (ULC) has completed the financial closure requirements of the MRT-7 concession agreement.

“We have already submitted required documents to the DOTC last week, certifying commitment from us and our banks to provide financing facilities for the project,” ULC chairman Ramon S. Ang said.

DOTC Secretary Joseph Emilio Abaya previously said Feb. 19 is a clear deadline for SMC to comply with the financial closure requirements to avoid delays in the project.

With the financial closure achieved, the firm has requested DOTC to determine the date for the project’s groundbreaking.

The timeline for the construction of the MRT-7 submitted by the engineering procurement construction contractor Hyundai Rotem-EEI consortium, has been approved by the DOTC.

The construction timeline calls for the commencement of the MRT-7 construction on Feb. 18 of this year.

The completion date, meanwhile, will be on Aug. 17, 2019.

The DOTC and ULC signed the contract to build the MRT-7 in 2008.

The MRT-7 covers the 22.8-kilometer rail system from North Avenue corner EDSA in Quezon City, passing through Commonwealth Avenue, Regalado Avenue and Quirino Highway up to the proposed Intermodal Transportation Terminal in San Jose del Monte, Bulacan.

Upon its completion, the MRT-7 is expected to serve two million passengers in the cities of Quezon and Caloocan as well as the province of Bulacan.

At present, Metro Manila is served by three rail transit systems. These are the Light Rail Transit (LRT) Line 1 (from Roosevelt station in Quezon City until Baclaran station in Pasay), LRT Line 2 (from Santolan station in Pasig City until Recto station in Manila) and Metro Rail Transit Line 3 (from North Avenue station in Quezon City until Taft station in Pasay City).