MANILA -- The operator of LRT 1 on Thursday it was seeking a P5 increase in fares to fund the extension of the capital's oldest light rail system to the Cavite suburbs.

Light Rail Manila Corp (LRMC) said extending the railway from Baclaran in Parañaque City to Bacoor, Cavite would cost P30 billion.

The fare increase will give banks the confidence to lend to the LRMC, knowing it could recover its investment, the company said.

Once built, the Cavite extension will let people travel from Baclaran to Sucat in 15 minutes, to Las Pinas in 20 minutes, and to Bacoor in 30 minutes, LRMC said.

The extension will stretch LRT-1 over 33 kilometers, from Roosevelt in Quezon City to Niog, Bacoor in Cavite.

LRMC is a joint venture company of Metro Pacific Investments Corp’s Metro Pacific Light Rail Corp, Ayala Corporation’s AC Infrastructure Holdings Corp, and the Philippine Investment Alliance for Infrastructure’s Macquarie Infrastructure Holdings.