The government of France has expressed its willingness to provide a soft loan with a long grace period to the Philippines as funding for the latter’s cable car project, which is aimed to help reduce traffic woes in Metro Manila.
In a teleconference between Secretary Carlos Dominguez of the Department of Finance and French Ambassador Michèle Boccoz, France is ready to fund the proposed $100-million transportation system. The proposed project had its feasibility study conducted in 1998, the funding of which was also granted by the government of France.
During their discussion, the French ambassador also mentioned that the load would be highly concessional. In other words, the arrangement is favorable to the Philippines in that it would pay a lower interest rate at longer or extended payment terms (versus rates and terms from commercial/market loans).
Currently, the proposed cable car project is awaiting approval from the Investment Coordination Committee of the National Economic and Development Authority. Its construction will involve monocable gondola lifts that will cover a span of 4.5 kilometers in the Santolan-Pasig-Eastwood area. Each lift will accommodate up to 10 passengers.