Infrastructure

Enabling modernisation of the metro rail system in Manila

Largest ever transportation PPP in the Philippines.

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Sector	Infrastructure
Sub-sector	Transport
Location	Philippines

Opportunity

The LRT1, the first elevated commuter rail line in Metro Manila, is set to be upgraded in what marks the first turnover of a rail system under a PPP program in the Philippines.

Approach

Macquarie acted as exclusive project and financial adviser to Light Rail Manila Corporation and subsequently enabled the sponsors to effectively take over operating assets. The team developed an innovative, tailored structure and secured a highly competitive split financing package.

Negotiated the terms of reference between the LRMC and their EPC contractor in relation to the bid development, construction and operations.

Outcome

11.7km southern extension

Macquarie supplemented LRMC with an owner’s team of industry experts to build a functioning company and workforce capable of operating and maintaining the existing 20.7km LRT1 line and building the 11.7km southern extension

3½ months

Managed LRMC’s development to be operationally ready within 3½ months and achieved successful taking-over of operations 1 month early

800,000 daily commuters

Once complete, the project is expected to benefit more than 800,000 daily commuters

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Macquarie Capital

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