Manila: The Philippine government has secured financing from the Asian Development Bank (ADB) worth USD1.45 billion for the Malolos-Clark Railway Project (MCRP), the multilateral institution announced Wednesday. ADB Philippines Country Director Pavit Ramachandran emphasized the significance of the project as one of the largest financing endeavors in the Asia and Pacific region undertaken by ADB.

According to Philippines News Agency, Ramachandran expressed pride in partnering with the government to realize a world-class mass transportation system in the Philippines. He highlighted that the transformative project is expected to attract more investments, generate employment, and support the country’s growth momentum.

The 53.1-km. MCRP forms a part of the larger 163-km. North-South Commuter Railway (NSCR), which aims to provide safe, reliable, and environmentally friendly transport connecting Luzon provinces to Metro Manila. The newly approved loan marks the second and final tranche of MCRP’s financing facility. In 2019, ADB approved the first tranche amounting to USD1.3 billion.

In a chance interview on April 9, Ramachandran indicated that ADB plans to finance approximately USD4 billion for various Philippine projects this year, including the MCRP. The funds, structured as loans, will be allocated to sectors such as infrastructure, healthcare, food security, and the blue economy.

Ramachandran further detailed pipeline projects for ADB financing this year, which include the USD400-million Walang Gutom (Zero Hunger) Program under the Reducing Food Insecurity and Undernutrition with Electronic Vouchers (REFUEL) Project, the USD400-million Marine Ecosystems for Blue Economy Development Program, and the USD300-million Accelerating Expansion and Sustainability of Health Services for Universal Health Care (ACCESS UHC). He noted that these projects are among the largest in terms of loan amounts in the current year’s delivery list.