LISTED Megawide Corp. said on Thursday it had acquired a 60 percent stake in the Philippine National Railways (PNR) East-West Railway Project (EWRP), which would involve the construction, operation and maintenance of a 9.77-kilometer railway from Quezon City to the City of Manila.
The proposed railway will traverse Quezon Avenue to España Boulevard in Manila, the third most actively used passage in the metro.
“Megawide’s entry into the project is a testament to its deep experience as an engineering, procurement, and construction contractor,” the company said in a disclosure to the Philippine Stock Exchange.
The EWRP consortium is now composed of Megawide, A Brown Company Inc., Netcore Development Ltd. and Venere Holdings Inc.
“Megawide supports the Duterte administration in its push for reliable, sustainable transport infrastructure. A solution is needed for Metro Manila’s worsening traffic congestion and we believe efficient mass transportation is the answer,” Megawide President Edgar Saavedra said.
“Engineering and construction are vital components in any infrastructure project; in fact, they are the basis of Megawide’s capability in infrastructure development. This will guide our participation and vision for EWRP,” he added.
The PNR East-West project will have 11 stations and interconnecting facilities with neighboring railway systems.
Upon completion, it is expected to decongest traffic and encourage more productive activities.
Established in 2001, Megawide is engaged in the construction of office buildings, houses and condominiums, roads, power plants, bridges, piers, waterworks, railroads and airports, among others.
with REICELENE IGNACIO