Megawide Construction Corporation, a front-runner in public-private partnership (PPP) projects, disclosed the cost of its proposed 9.4-kilometer elevated railway line from Diliman, Quezon City to Lerma, Manila: around $1 billion (P51.17 billion).
"We will bring in the technology for constructing an elevated metro rail transit system. We are looking into this project. It is now under the technical working group," Oliver Tan, chief finance officer of Megawide, said in a media briefing in Pasig City on Monday, September 18.
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Megawide announced in July that it has acquired the right to participate in the East-West Railway Project of the Philippine National Railways (PNR) from the project consortium composed of East-West Rail Transit Corporation and Alloy MTD Philippines Incorporated.
East-West Railway's members are A Brown Company Incorporated, Netcore Development Limited, and Venere Holdings Limited.
"We will exercise [our option to buy up to 60% of the equity] upon incorporation of [a] special purpose vehicle," Tan told reporters.
Under the unsolicited railway proposal, Tan said the private sector will build the stations and rail track, supply rolling stock, operate, as well as conduct maintenance for a certain period. After the agreed period, the government will then take over.
The proposed deal will have 11 stations and interconnecting facilities with neighboring rail systems.
According to the PPP Center, the project aims to ease traffic congestion.
The project is "still under evaluation" by concerned agencies and has not yet been approved by the National Economic and Development Authority (NEDA) Board.
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