MANILA, Philippines - The Philippine government is set to receive a P30-billion loan from Japan to fund the P60.6-billion Light Rail Transit Line 1 (LRT-1) extension to Bacoor, Cavite.
"We expect to sign the loan denominated in Japanese yen worth roughly about P30 billion on March 15," Transportation Undersecretary Jose Perpetou Lotilla said.
The terms of the concessional loan are still being streamlined, Lotilla said, stressing there would be a provision that Japanese companies are required to be involved in the deal.
The loan is expected to be used to acquire up to 39 new light rail vehicles for LRT-1 as the train system will be expanded to have a new south endpoint in Cavite instead of the existing one in Baclaran.
The LRT-1 Cavite extension project involves putting up additional 10 stations foreseen to serve residents in Parañaque, Las Piñas and Cavite.