PHL inks financing agreement for Bus Rapid Transit project in Cebu

Philippine government inks the loan agreement with World Bank to finance the Bus Rapid Transit Project in Cebu. Finance Secretary Cesar V. Purisima represented the government in signing the said financing worth USD141 million.

“Our improved public finances have enabled us to spend more confidently on public investments supporting our rapid growth. As Cebu City is fast becoming one of our prime urban centers, investing in sound infrastructure lays solid groundwork for a more sustainable growth trajectory,” Purisima said.

The government will shoulder the USD87 million to complete the PhP10.6 billion budget for the transport system. A BRT system consists various elements including modern buses, exclusive lane or busway, stations, continuously-operating services, systems and technology to ensure BRT buses are not impeded during trips.

“The goal is not simply to modernize transport facilities and improve commuter experience, it is also to provide the public with a better quality of life,” DOTC Secretary Joseph Emilio Abaya said in earlier reports.

“The project, once complete, is expected to service an average of 433, 000 individual trips per day. The Cebu BRT is projected to save 25 minutes of travel time and P7.50 in fares,” the government says.

BRT system in Cebu is expected to be fully operational starting 2018.