The Philippines is in talks with France for the funding of the country’s first urban car cable system, Finance Secretary Carlos Dominguez confirmed on Friday.
During a meeting between Dominguez and French Ambassador to the Philippines Michèle Boccoz, the French government expressed its keenness to provide financing support for the project through a “highly concessional loan.”
The 4.5 kilometer cable-propelled mass transport system will be built along Santolan-Eastwood-Pasig corridor from Santolan LRT-2 station to Ortigas Avenue.
The project under the Department of Transportation has pending approval from the Investment Coordination Committee.
France provided a grant amounting to 450,000 euros or PHP27 million for a 10-month feasibility study on the project in 2018.
