The PNR Line going to the Bicol Region is currently being repaired for the eventual resumption of its service. Using a stated preference (SP) survey, this research aims to describe how passengers will decide to patronize the PNR service upon its service resumption and estimate the modal shift probabilities from bus to rail service. Also, the significant factors affecting the mode choice of bus passengers are determined in the survey. In the SP survey, the main factors considered are travel time, cost, and access time. A number of 900 bus passenger respondents originating from Manila and arriving in Naga City were interviewed for the SP survey. Results show that most of the current air-conditioned bus passengers would shift to rail service when service performance of the latter is improved. However, non-air-conditioned bus passengers are more likely to choose their current mode considering the several combinations of improved rail service factors analyzed.