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TOKYO, Mar 6, 2023 - (JCN Newswire) - Mitsubishi Corporation (MC) hereby announces that it has reached an agreement with the Department of Transportation of the Republic of the Philippines (DOTr) to deliver integrated railway systems for the extension of the North-South Commuter Railway. The contract, which is worth approximately 260 billion yen, was signed on March 3, 2023.
This project is financed through an ODA1 loan granted by the Japanese government through the Japan International Cooperation Agency (JICA) with Special Terms for Economic Partnership (STEP) conditions, which in this case aim to provide safe, accurate and highly reliable railway systems. MC is responsible for designing, manufacturing and installing all the systems2 and will deliver them to DOTr for the extension project of the North-South Commuter Railway.
This project is expected to meet the demand for public transportation on the back of rapid economic growth and population increase in the Philippines and help to improve traffic congestion in that country. The Philippines government is promoting a large-scale infrastructure development program called "Build, Better, More," in which the North-South Commuter Railway Extension Project is considered a core component. MC's deliverables will cover the establishment of 27 stations spanning 110 kilometers. This will comprise 55 kilometers in the project's southern section from Tutuban to Calamba in the Province of Laguna, and 51 kilometers in its northern section from Malolos to Clark International Airport, in the Province of Pampanga.
In the Philippines, there are a lot of transportation project planned to either extend existing train lines or construct new ones. By utilizing its railway business know-how, MC will help the Philippines to upgrade its transportation infrastructure and improve mobility for its people. Furthermore, MC has plans to proactively engage in railway projects promoted by the Japanese government to export high-quality infrastructure. Confident that its experience and knowledge can enhance the region's quality of life, MC will continue to actively engage in projects that address social issues like traffic congestion and air pollution.
Official Development Assistance
Trackwork, signals, telecommunications, power distribution, overhead contacts, automatic fare collection, platform doors, etc.
Materiality
Based on the Three Corporate Principles, which serve as MC's core philosophy, MC has continued to grow together with society by contributing to the sustainable development of society through its business activities while pursuing value creation. MC's revised "Materiality" was announced in Midterm Corporate Strategy 2024 as a set of crucial societal issues that MC will prioritize through its business activities, towards the strategy's goal of continuous creation of MC Shared Value (MCSV). Guided by this Materiality, MC will continue to strengthen its efforts towards sustainable corporate growth. Out of the six material issues relating to "Realizing a Carbon Neutral Society and Striving to Enrich Society Both Materially and Spiritually", this project's activities particularly support "Promoting Stable, Sustainable Societies and Lifestyles" and "Addressing Regional Issues and Growing Together with Local Communities".
Inquiry Recipient:
Mitsubishi Corporation
Telephone:+81-3-3210-2171
Facsimile:+81-3-5252-7705
Topic: Press release summary
Source: Mitsubishi Corporation
Sectors: EVs, Transportation
https://www.acnnewswire.com
From the Asia Corporate News Network
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