Marcos’ state visit in Malaysia hastened P3-B investment deal for railway projects — Romualdez

Speaker Ferdinand Martin Romualdez has said that President Ferdinand "Bongbong" Marcos Jr.'s state visit to Malaysia hastened the P3 billion investment deal between the Metro Pacific Investment Corp. (MPIC) and Malaysia’s Hartasuma Sdn. Bhd.

The amount will be allotted for rail-oriented projects in the Philippines, the Presidential Communications Office (PCO) said in a statement released Friday.

“Literally, because of the visit, the President’s presence in KL [Kuala Lumpur] hastened the progress of this agreement and three billion will be pledged for investments into the Philippines,” Romualdez said.

"Under the collaboration agreement, 'the Parties have expressed their desire to engage in railway engineering and maintenance, and other rail-oriented projects in the Philippines in line with the government’s aspiration to modernize the Philippines’ railway network,'" he added.

The agreement aims to provide a framework for the cooperation between the MPIC and Hartasuma. Both parties will work together to identify potential joint development and joint venture collaboration on railway projects.

The MPIC is a publicly-listed investment management holding company with investments in various infrastructure and other projects in the Philippines and Southeast Asia, including power, toll roads, water, healthcare, agriculture, real estate and rail.

Meanwhile, Hartasuma is a pioneer in the Malaysian rail industry, providing a range of services, including engineering, assembly, refurbishment and rehabilitation of rolling stock and other urban transport solutions, including cable systems. — Anna Felicia Bajo/RSJ, GMA Integrated News