Conglomerate still keen on MRT takeover

  • Page Views 1139
  • Despite delays, Metro Pacific Investment Corp. (MPIC) is still keen on pursuing its P20-billion unsolicited proposal to take over the operation and maintenance of Metro Rail Transit line 3 (MRT-3) , according to its chairman Manuel Pangilinan.

    But MPIC cannot proceed until an ongoing arbitration case in Singapore is resolved.

    In 2009, Metro Rail Transit Corp. (MRT) filed an arbitration case in Singapore against the Philippine government over late payment of equity rentals.

    Two years ago, the Department of Transportation (DOTr) awarded original proponent status to the joint venture of MPIC and Ayala Corp. for the rehabilitation, operation and maintenance of MRT3 for a concession period of 30 years.

    Batan refused to give details on the timeline pending the resolution of arbitration.

    MPIC has increased the project cost to around P20 billion from P12.5 billion to cover the buyout of government and private sector stakeholder in the rail system .

    The government through Land Bank of the Philippines and the Development Bank of the Philippines holds an 80 percent economic interest in MRT 3 , while the balance is held by creditors of MRTC.

    DOTr recently turned over the rehabilitation and maintenance contract of MRT-3 to group of Sumitomo Corp, Mitsubishi Heavy Industries and its subsidiary, TES Philippines for a period if 43 months. (Malaya)

    Share

    New Posts Recently publish post More

    • 22 September 2022
      5 days ago No comment

      Vhong Navarro under NBI custody for rape charge

      Metro Manila — TV host and actor Vhong Navarro remains under the custody of the National Bureau of Investigation (NBI) as of Tuesday, a day after he was slapped with two arrest warrants over complaints filed by model-stylist Deniece Cornejo in 2014. Navarro’s camp has yet to file a motion ...

    • 22 September 2022
      5 days ago No comment

      Meet and greet with Jinny, Ramon and Surrey Forward

      The Surrey Forward party is ready to serve the city and its residents. Surrey Forward is fielding Jinny Sims as mayoral candidate in the October 15, 2022 local election, and the party also has seven candidates for council. One of these candidates is Filipino Canadian financial professional Ramon Bandong. ...

    • Queen-Elizabeth-King-Charles-2022
      15 September 2022
      2 weeks ago No comment

      Farewell Queen Elizabeth, Long live King Charles!

      The world is mourning the death of Queen Elizabeth II, U.K.’s longest-serving monarch, who died on September 8 at the age of 96. Queen Elizabeth, whose reign spanned 70 years, was succeeded to the throne by her eldest son Charles, who has been proclaimed as King Charles III. The ...

    • 08 September 2022
      3 weeks ago No comment

      Filipino concert scene returns to Vancouver

      After a long hiatus because of COVID-19, the Filipino concert scene is revving up in Vancouver. A series of shows has been lined up starting in the month of September 2022, and ReyFort Media Group is calling on the community to support these events. The ReyFort Media Group wants ...

    • 01 September 2022
      4 weeks ago No comment

      Boni Barcia’s summer soiriee with B.C. NDP and Filipino community

      Boni Barcia hosted a summer party at his Coquitlam residence, which saw leading figures with the ruling B.C. NDP government rubbing elbows with members of the Filipino community. Among those in attendance at the August 28, 2022 bash was David Eby, presumed frontrunner in the race to become the ...

    %d bloggers like this: