PETALING JAYA: Local integrated rolling stock and rail services company, Hartasuma Sdn Bhd and Metro Pacific Investments Corp (MPIC) of the Philippines have a collaboration agreement to explore opportunities in the Philippine railway engineering and maintenance market.

       The parties will look to participate in projects with an indicative investment value of RM250mil, a statement released yesterday noted. 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 South-East Asia.

       “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 214.3 billion peso 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 the statement.

       The 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.