ILOILO CITY (PNA) – The realization of the monorail project system proposed by the BYD (Build Your Dreams) Auto Industry Co Ltd. in Iloilo city is expected to further boost the economy of the metropolis.
BYD, an auto industry company based in China, signed a memorandum of understanding (MOU) and non-disclosure agreement for the conduct of a pre-feasibility study for its proposed monorail project with the local government unit here in August last year.
Last January, the result of the pre-feasibility study showed that this city is capable of hosting the project.
Anytime this June, the firm is expected to present the result of their feasibility study, said Ritchel Gavan, head of the Local Economic and Investment and Promotion Office (LEIPO) in an interview Thursday afternoon.
The study will cover the financial modality, exact stations, and other details of the project, which will be an added boost to the local economy.