DIVERSIFIED conglomerate San Miguel Corp. (SMC) plans to complete the construction of the Metro Rail Transit Line 7 (MRT-7) by 2018, which should be good news of sorts to thousands of harried MRT commuters in the metropolis.
In a disclosure to the Philippine Stock Exchange, SMC said the MR- 7 project has successfully secured the necessary government approval to proceed with construction.
The company added that the engineering procurement contract has been awarded to Marubeni Corp.
SMC is awaiting the release of the performance undertaking from the government. From there, processing of the financial closure can immediately be initiated and is expected to be received within this year.
Construction of the 44-kilometer road and rail project should begin immediately and will take an estimated 42 months to complete.
Last year, the National Economic and Development Authority (NEDA) board approved the P62.7-billion MRT-7 project.
The planned MRT-7 will begin at Tala, Caloocan City and pass through Lagro and Fairview in Novaliches, then through Batasan, Diliman and Philcoa, before ending at Edsa corner North Avenue.
The railway will serve an estimated two million commuters in the northern parts of Quezon City and Caloocan City and will cover 14 stations.