DOTr, two groups sign P52b worth of contracts for North-South rail

By Darwin G. Amojelar

THE Department of Transportation said Thursday it signed three civil works contracts with two consortiums for the construction of the Metro Manila segment of the North-South Commuter Railway.

Secretary Jaime Bautista said the three contract packages, with a combined cost of P52 billion, would be used “to build a world-class railway line equipped with the most modern facilities.”

“The contractors must be able to build with the least disruption to Metro Manila’s already chaotic daily routine,” Bautista said.

“We want to impress on the contractors the importance of meeting sched-

Security Bank raises P18.5b from corporate bond issuance

By Julito G. Rada

SECURITY Bank Corp. said Thursday it raised P18.5 billion from the issuance of peso-denominated fixedrate corporate bonds due 2025 on strong demand from investors.

“This is the largest issue size of the bank to date. Due to strong demand for the bonds, the bank exercised its oversubscription option and accepted offers above its minimum P8-billion issue size,” the bank said in a disclosure to the stock exchange.

Security Bank executive vice president and financial markets segment head Arnold Bengco said the successful issuance and oversubscription proved investors’ sustained confidence in the bank and its commitment to provide BetterBanking service.

The bonds have a tenor of 1.5 years at 6.4250 percent per annum. Minimum denominations were set for P1 million, with increases of P100,000.

The bonds were listed at the Philippine Dealing & Exchange Corp. to provide secondary market liquidity to investors who would like to trade the instruments.

The bank said it issued the bonds to diversify funding sources and support lending activities.

Security Bank tapped Philippine Commercial Capital Inc. as sole bookrunner and PCCI and SB Capital Investment Corp. as joint lead arrangers and selling agents.

Security Bank remained one of the leading lenders in the country in terms of assets. It posted a net profit of P2.4 billion in the first three months of 2023 on sustained growth across its business segments.

Net interest margin increased to 4.06 percent, up by 14 basis points over the previous quarter. Net interest income also rose 3 percent quarteron-quarter.

ules, so the whole NSCR project can be completed as promised,” he said.

CP S-01, awarded to the joint venture of PT Adhi Karya (Persero) Tbk and PT PP (Persero) Tbk, includes the construction of a 1.2-kilometer railway viaduct structure and the Blumentritt Station which will be linked to the existing Blumentritt Station of Light Rail Transit Line-1 in Manila.

CP S-03a, clinched by the joint ven- ture of Leighton Contractors (Asia) Ltd. and First Balfour Inc., includes 7.9 km. of at-grade and viaduct railway track structure including an elevated station at Buendia and at-grade stations at EDSA and Senate.

CP S-03c, won by the joint venture of PT Adhi Karya (Persero) Tbk. and PT PP (Persero) Tbk, consists of 5.8 km of at-grade and viaduct railway track structure, including elevated stations at Bicutan and Sucat.

Bautista said that with the financial support of the Asian Development Bank, Japan International Cooperation Agency and the governments of Indonesia and Australia, the country inches closer to completing the flagship rail infrastructure. Records from the DOTr showed that of the total P873-6 billion project cost, the ADB would fund P329.55 billion; JICA, P369.27 billion; and the Philippine government, P174.78 billion.

“We inch closer to completing this longest rail system of the country through their assistance. Once completed, this railway will transform lives and communities,” Bautista said.

DOTr Undersecretary for railways Cesar Chavez said civil works would commence between the fourth quarter of 2023 and first quarter or 2024.

A flagship project under the Build Better More Program, the construction of the 147-km NSCR system aims to seamlessly connect Clark, Pampanga and Calamba, Laguna passing through Metro Manila and the towns of Pampanga, Bulacan and Laguna.