China to lend PH P175 Billion for PNR’s Bicol Express
After suspending operations for the Philippine National Railway’s service of Bicol Express (BEx) from Tutuban to Ligao, suspension for the said route will now be lifted after being granted Php 175 billion in overseas development aid (ODA) borrowed by the Department of Transportation from China.
Through the financial and development aid given, operations for the Philippine National Railway’s service of Bicol Express (BEx) will now be revived.
With regards to this issue, China and the Philippines is set to sign the loan agreement of Php 175 billion overseas development aid which is payable in 20 years at 2 percent interest per annum. The signing of the loan agreement will take place on the flight of the 31st ASEAN Summit, happening on November 16 to 17, 2017 in Manila.
Reconstruction of the railway system will take place from 2018- 2020 and guarantee its patrons a more comfortable travel. Travel time will be cut down to six hours instead of the usual 8-10 hour it takes to drive from Manila to Bicol with trains running at 80 kph and still being capable of speeds of up to 120 kph.
In addition, there would be nine new train stations from Paco in Manila to Matnog town in Sorsogon, which will include Paco, FTI, Los Baños, Lucena City, Gumaca, Pili/Naga, Legazpi/Camalig, Sorsogon City and Matnog.
Written By: Patricia Antoinette M. Nacianceno
Source: Philippine Daily Inquirer, Department of Transportation – Philippines, Pilipino Star Ngayon
Image Source: Motion Cars, Philippine Daily Inquirer
