San Miguel eyes financial closure of MRT-7 deal soon

San Miguel Corp. (SMC) is planning to submit a report to the Department of Transportation and Communications ( DOTC) next month for the financial closure of the Metro Rail Transit Line 7 (MRT-7).

“We will submit very soon to DOTC to say we’re ready to do the financial closing. I think we are set to submit this December,” SMC president and chief operating officer Ramon S. Ang told reporters.

Ang said an agreement has been reached on the bank to provide funds, as well as the contractor and supplier for the MRT-7.

The DOTC has given SMC until February next year to complete the financial closure for the MRT-7.

Universal LRT Corp. (ULC), a unit of SMC, holds the concession for the planned P63billion MRT-7.

The DOTC and ULC signed the contract to build the 22.8-kilometer rail system 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 in 2008.

The MRT-7 is expected to carry two million passengers per year, once completed.

Asked to comment on the common station proposal of the DOTC to link the Light Rail Transit (LRT) and MRT Lines 3 and 7, Ang said it would be best to let the agency talk with other parties and decide on the location.

Under the DOTC’s proposal, two common stations would be constructed, with one located near the Ayala Group’s Trinoma Mall in Quezon City to connect LRT-1 and MRT-3 and the other near SM North Edsa Mall to link MRT-7 and MRT-3, with the option to connect LRT-1.