EDSA BRT up for SoKor funding

MANILA, Philippines — The government has included the P37.76-billion Metro Manila Bus Rapid Transit (BRT) Line 2 among the projects it will propose for financing assistance from South Korea, according to the Department of Finance.

In an interview, Finance Assistant Secretary Maria Edita Tan said the government is preparing the list of projects it would submit to the Export-Import Bank of Korea (KEXIM) for possible loan assistance

The South Korean government, through the KEXIM, offered $1 billion in concessional loans over a six-year period to finance key infrastructure programs in the Philippines.

“We do have a rolling pipeline. We are scheduled to have a meeting with them to strengthen the pipeline, making sure that it is actually aligned with the priorities of the government,” Tan told reporters.

According to Tan, the Philippine has included the Metro Manila BRT Line 1 project for KEXIM financing in addition to the P9.2 billion New Cebu International Container Port project.

“Right now, we have identified two projects that are actually part of the flagship programs of the government. One of them is the New Cebu International Container Port and the other is the Metro Manila Bus Rapid Transit (Line 2),” Tan said.

The Metro Manila BRT Line 2 aims to construct a 48.6-kilometer bus-based mass transportation system and a corresponding pedestrian and bicycle greenway network along EDSA, as well as corridors along Ayala Avenue to the World Trade Center, Ortigas to Bonifacio Global City, and Ninoy Aquino International Aiport Terminals. Construction is estimated to be finished in 2020.

Tan said the project is being eyed for co-financing between the KEXIM and the Economic Development Cooperation Fund.

Earlier, Tan said the KEXIM has accepted the New Cebu International Container Port as one of the projects it would finance through official development assistance.