San Miguel Corporation’s (SMC) infrastructure unit has secured a syndicated loan worth P100 billion from a consortium of major banks for its ongoing Metro Rail Transit 7 (MRT-7) project.
This marks SMC’s entry into mass transport systems.
The financial close of the deal on June 1 will accelerate the construction progress of MRT-7, which has currently reached 61.92% completion as of June 14, 2023.
SMC president and CEO Ramon S. Ang said the loan facility will ensure that the project remains on schedule to commence operations in 2025, bringing Filipinos closer to enjoying the benefits of improved transportation.
He said the P100 billion loan deal also reflects the banks’ confidence in the government’s vision for progress and SMC’s track record in executing critical projects essential for the country’s social and economic development.
Ang further emphasized the importance of the MRT-7 project for the Filipino people, saying it will generate numerous job opportunities, stimulate local economies, and enhance mobility and accessibility.
The MRT-7 project, running from Quezon City to San Jose del Monte City in Bulacan, has been identified as one of the crucial infrastructure flagship projects under the “Build Better, More” program by the Marcos administration.
The consortium involved in the syndicated loan includes BDO Unibank, Philippine National Bank (PNB), Bank of Commerce (BankCom), Security Bank, and the Government Service Insurance System.
Eduardo V. Francisco, president of BDO Capital & Investment Corporation, commended SMC for its infrastructure investments, acknowledging their positive impact on trade, tourism, and social integration.