Hartasuma Sdn Bhd executive director Tan Sri Ravindran Menon (left) and Metro Pacific Investments Corp (MPIC) chairman, president and CEO Manuel V. Pangilinan (right).
PETALING JAYA: Integrated rolling stock and rail services company, Hartasuma Sdn Bhd and Metro Pacific Investments Corp (MPIC) have joined forces through a collaboration agreement to explore opportunities in the Philippine railway engineering and maintenance market.
To begin, the parties look to participate in projects with an indicative investment value of RM250mil.
MPIC, which is listed on the Philippines stock exchange, is an infrastructure holding company with a diverse investment portfolio in various sectors across the Philippines and Southeast Asia.
The purpose of the agreement is to provide a framework for the cooperation between MPIC and Hartasuma.
“The priority being given to railway systems by the Government of the Philippines, reflected in the proposed Department of Transport’s (DoTr) budget for 2024 of P214.3 billion (RM17.6bil) to accelerate the progress of infrastructure projects and enhance transportation policy, is indicative of the immense opportunities available to us.
“We are intent on contributing to the government’s aspiration of enhancing regional connectivity through the development of key railway infrastructure,” Hartasuma group executive director Tan Sri Ravindran Menon said in a statement.
MPIC chairman and CEO Manuel V. Pangilinan said: “We look forward to building on Hartasuma’s near three decades of experience in the railway engineering and transport industries, and ultimately applying these lessons to our operations in the Philippines. There is a lot for us to share. Together, we intend to explore innovations that can help us build the transport infrastructure of the future.”
This strategic partnership will pave the way for diverse initiatives, including the development of rolling stock refurbishment projects in the Philippines and the exploration of cable car systems for tourism and urban transport.
These ventures will not only transform the transportation landscape of the country but will also create a thriving industry that will support economic progress by fostering skill development, creating numerous employment opportunities for Filipinos, and enhancing local manufacturing and supply chain capabilities.
