The administrator of LRT 1 on July 12, Thursday, it was exploring a P5 rise in fares to finance the extension of the capital’s oldest light rail system to the Cavite suburbs.
Light Rail Manila Corp (LRMC) said lengthening the route from Baclaran in Parañaque City to Bacoor, Cavite would require P30 billion.
The fare hike will provide banks the faith to lend to the LRMC, acknowledging it could recover its investment, the company said.
Once established, the Cavite extension will allow people travel from Baclaran to Sucat in 15 minutes, to Las Pinas in 20 minutes, and to Bacoor in 30 minutes, LRMC said.
The extension will expand LRT-1 over 33 kilometers, from Roosevelt in Quezon City to Niog, Bacoor in Cavite.
LRMC is a joint venture company of Metro Pacific Investments Corp’s Metro Pacific Light Rail Corp, Ayala Corporation’s AC Infrastructure Holdings Corp, and the Philippine Investment Alliance for Infrastructure’s Macquarie Infrastructure Holdings.
Source: ABS-CBN News
Image Source: George Calvelo