2 foreign investors want to build Mindanao railway

2 foreign investors want to build Mindanao railway

- in Economy
The Mindanao Railway system may soon become a reality FreeImages.com/Csaba J. Szabo

DAVAO CITY (July 11, 2016) — The long-awaited Mindanao railway system may soon become a reality as two foreign investors have expressed interest in constructing the Mindanao-wide Railway System (MRS), with Davao City as the focal point because of the existing market opportunity here.

“Many investors are interested in the railway because of the pronouncement of the President,” Davao City Investment Promotions Center (DCIPC) chief Ivan Cortez told reporters at the opening last Friday of the weeklong Pinoy MSME Week exhibition at Abreeza Mall in Davao City.

President Rodrigo Duterte had promised during the campaign period that he will prioritize the implementation of a Mindanao railway system, saying it will be the engine for growth in the island.

Duterte had also said he he plans to build a railway system connecting Manila to Nueva Vizcaya in Central Luzon and to Sorsogon and Batangas in Southern Luzon.

Cortez said the two foreign investors — one from the US and the other from South Korea — are “very positive” about the project and are just waiting for the national government to announce it as one of its priority projects.

He also said one of the companies manufactures train coaches, which would mean more savings for the government.

For its part, the Mindanao Development Authority (MinDA) said the proposed MRS project will consist of six segments that will span Mindanao and will have a total length of approximately 1,672 kilometers.

MinDA believes the project will provide “a dramatic boost to the economic development of the resource-rich but underdeveloped region.”

If you enjoy reading Mindanation, help keep our site up.

Facebook Comments

You may also like

Duterte to soldiers: Crush the enemy

MANILA, June 7, 2017 — President Rodrigo Duterte