MANILA - The operator of the LRT-1 said on Wednesday it planned to finish the railway's extension to Sucat, Parañaque by 2021, but it must be allowed to raise fares to fund the project.
Without the P5 increase in fares, the Light Rail Manila Corp said it might not be able to secure bank financing. The proposed fare hike would push the cost of an end-to-end LRT trip to P25 from P20.
"The banks want to make sure we can repay them and the only way this can be attained is for us to be able to earn enough through higher fares," said LRMC president Juan Alfonso.
LRMC said the Sucat extension could start serving riders by the end of 2021 if work on site starts by February 2019, and the right of way is free and clear by May 2019.
After Sucat, LRMC plans to extend the capital's oldest light railway to Las Piñas and Bacoor, Cavite.
LRMC is a joint venture company of Macquarie Infrastructure Holdings and subsidiaries of Metro Pacific Investments Corp and Ayala Corp.