MANILA, Philippines – Diversified conglomerate San Miguel Corp. has created a new subsidiary that will engage in infrastructure development.
With an initial capital of P10 billion, the new subsidiary, SMC Mass Rail Transit 7 Inc., will be involved in the development of railways, tollways, interchanges, roads, bridges, tunnel, water utilities, and other public works.
The Securities and Exchange Commission has already approved the incorporation of the new firm.
SMC is all set to break ground for the Metro Rail Transit Line 7 (MRT-7) following the completion of the financial closure requirements for the project last February.
With the financial closure achieved, the firm has requested the Department of Transportation and Communications (DOTC) to determine the date for the project’s groundbreaking.
Likewise, the timeline for the construction of the MRT-7 submitted by the engineering procurement construction contractor Hyundai Rotem-EEI consortium, has also been approved by the agency.
Based on the timetable, the completion date is on Aug. 17, 2019.
The 22.8-kilometer rail system will run from North Avenue corner EDSA in Quezon City, passing through Commonwealth Avenue, Regalado Avenue and Quirino Highway up to the proposed Intermodal Transportation Terminal in San Jose del Monte, Bulacan.
Once completed, the project is expected to serve two million passengers in the cities of Quezon and Caloocan as well as the province of Bulacan.
At present, Metro Manila is served by three rail transit systems — The Light Rail Transit Line 1 (from Roosevelt station in Quezon City until Baclaran station in Pasay), LRT Line 2 (from Santolan station in Pasig City until Recto station in Manila) and Metro Rail Transit Line 3 (from North Avenue station in Quezon City until Taft station in Pasay City).