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THE
needed coaches for the Metro Rail Transit Corp. Line 3
(MRT3) along Edsa, whose rolling stock now strain to
accommodate far more passengers than they were designed
for, could be provided through a loan offer of Germany’s
third-largest wholesale lender, WestLB.
Finance
Undersecretary and acting Treasury chief Roberto Tan
confirmed the bank’s funding proposal Friday, saying the
bank’s letter-proposal is now being evaluated.
There is
a need to “alleviate the line’s overutilized coaches,”
but so far has been placed on hold due to fund
constraints, but the German bank “came to us with this
financing offer, and I understand more offers from other
lenders are forthcoming.” He said financial details of
the offer are scant at this point.
The
government plans to buy out the Metro Rail Transit Corp.
consortium operating the route, seeing it could result
in some $380 million in savings as estimated by the
Department of Finance.
To do
that, reports said the government plans to sell peso
bonds to underwrite part or the entire $900 million for
the planned buyout. |
