Albay Gov. Joey Salceda, one of the proponents of South Rail project, cited figures to justify the construction of the project, saying the P171- billion rail line would yield 24-percent economic returns.
Salceda said the 653-kilometer South Rail would be the biggest single investment in the countryside. It will offer massive growth opportunities for Bicol, particularly Albay, the regional center and hub, he said.
The Transportation Department has recently started the bidding process for the rail line that will connect Manila and Albay’s capital, Legazpi City. Formerly known as the Bicol Express, the link is the oldest rail system in Southeast Asia.
A well-respected economist, Salceda said based on market soundings, Ayala, Metro Pacific and San Miguel Infrastructure have expressed strong intents to participate in the bidding. The project is also dubbed as the government’s most monumental PPP project yet.