A lawmaker at the House of Representatives has proposed an innovative solution to kick-start the revival of the Philippines’ rail industry. Bicol Saro Rep. Brian Raymund Yamsuan suggested that the Maharlika Investment Fund (MIF) be utilized to reconstruct and modernize the iconic Bicol Express railway. This ambitious project aims to create a modern, world-class train system that will complement the ongoing North-South Commuter Railway (NSCR) project and seamlessly connect Luzon’s major economic hubs.
The Bicol Express holds a special place in the hearts of Filipinos, and its reconstruction could have far-reaching benefits for South Luzon’s economic growth. Rep. Yamsuan envisions that this endeavor will not only create tens of thousands of jobs and livelihood opportunities but also promote a mass transport system that is fast, efficient, and affordable. By reducing air pollution and alleviating traffic congestion, the modernized Bicol Express will contribute to a more sustainable and livable future for the region.
The environmental advantages of rail transport cannot be overstated. A study conducted by the World Bank revealed that trains, whether diesel or electric-powered, are more energy efficient and generate lower emissions per passenger and per ton of goods compared to most other vehicles on the road. Additionally, the International Energy Agency found that despite accounting for only 8 percent of the world’s motorized passenger movement and 7 percent of freight transport, rail transport uses a mere 2 percent of the world’s transport energy demand. These findings highlight the potential of the Bicol Express to significantly reduce the carbon footprint of transportation in the region.
During the inaugural board meeting of the Maharlika Investment Corp. (MIC), which governs and manages the MIF, discussions revolved around capitalization and potential sectors for investment. The Department of Finance identified various sectors, including infrastructure, oil, gas, and power, agro-forestry industrial urbanization, mineral processing, tourism, transportation, and aerospace and aviation. This demonstrates the broad scope and potential impact of the Maharlika Investment Fund beyond the reconstruction of the Bicol Express.
Rep. Yamsuan also commended the reopening of the Naga-Legazpi train route by the Philippine National Railways, recognizing it as a positive step towards the full resumption of the Bicol Express line. This development further emphasizes the growing momentum behind the revival of the rail industry in the Philippines.
As the Maharlika Investment Fund takes shape, it is crucial to ensure that this ambitious project aligns with local laws, customs, and regulations. Engaging with international expertise and best practices can provide valuable insights and guidance to ensure the success of the reconstruction and modernization efforts. By leveraging the MIF, the Philippines has an opportunity to transform the Bicol Express into a symbol of progress, innovation, and sustainable development.
In conclusion, the proposal to utilize the Maharlika Investment Fund for the reconstruction and modernization of the Bicol Express railway presents an exciting opportunity for the Philippines to revitalize its rail industry. This ambitious project has the potential to create economic growth, generate employment opportunities, and promote a sustainable and efficient mass transport system. By leveraging the advantages of rail transport and capitalizing on international expertise, the modernized Bicol Express can become a catalyst for progress and a model for other regions to emulate.
Source: The Manila Times
