The Philippines has secured $4.3 billion or P227.6 billion in loan financing from the Asian Development Bank (ADB) to construct the South Commuter Railway project that would connect Metro Manila and Calamba in Laguna.
In a statement yesterday, the ADB said it has approved the loan to finance the construction of around 55 kilometers of the suburban railway line.
The South Commuter Railway project, which is part of the North-South Commuter Railway network, is the ADB’s largest infrastructure financing in the Asia and Pacific region to date.
This is also the country’s biggest loan from the ADB in the transport and road systems sector.
The project will be financed under a multi-tranche financing facility, with the first tranche of $1.75 billion to be made available starting this year.
The release of the second and third tranches is expected in 2024 and 2026, respectively.
The ADB will finance civil works for the railway viaduct, stations, bridges, tunnels, and depot buildings.
The Japan International Cooperation Agency is funding the rolling stock and railway systems.
The project is expected to offer commuters fast public transport, help ease traffic congestion and contribute to the reduction of greenhouse gas emissions.
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