THE Light Rail Manila Corporation (LRMC) received the Best Finance Deal award in the 2016 Alpha Southeast Asia Best Deal and Solution Awards in ceremonies held in Malaysia recently for its P24-billion loan facility to finance the Light Rail Transit Line 1 (LRT1) extension project.
“We are grateful for this recognition given to LRMC. This award affirms our commitment to provide the best service for our passengers, and we intend to manifest this through the ongoing and upcoming service improvements in the LRT-1, including the construction of the Cavite extension,” LRMC President and CEO Rogelio L. Singson said in a statement on Monday.
LRMC last year secured a P24-billion loan facility to fund the LRT-1 extension project in Cavite and to rehabilitate the existing LRT-1 system.
The loan was arranged by SB Capital Investment Corporation, First Metro Investment Corporation, and RCBC Capital Corporation and was signed in February 2016.
LRMC is the operator of LRT Line 1 and is currently working on the rail line’s Cavite extension, which is expected to be up and running by 2020 or 2021.