Conglomerate still keen on MRT takeover

  • Page Views 833
  • 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

    • 25 February 2021
      3 hours ago No comment

      Pacquiao in jabbing distance of 2022 presidency

      A new poll shows that Filipino boxing icon Emmanuel “Manny” D. Pacquiao has a fighting chance to become the next President of the Philippines. Results of an independent and non-commissioned survey indicate that Pacquiao, currently a Senator, is one of top three choices for president. Pacquiao is also in ...

    • 23 February 2021
      2 days ago No comment

      Air Supply says Iñigo and Moophs’ ‘All Out of Love’ remake has ‘great production, great sound’

      International rock duo Air Supply, composed of Graham Russell and Russell Hitchcock, hailed Iñigo Pascual and Moophs’ remake of their classic hit “All Out of Love” for its “great production and sound.” Iñigo sang parts of the song during Tarsier Records’ “All Out of Love” virtual media conference and ...

    • 20 February 2021
      5 days ago No comment

      U.K., California variants combine for first case of hybrid COVID-19

      Media organizations reported Wednesday (February 17) that the homegrown COVID-19 variant sweeping California has combined with the highly-contagious UK variant. The result is yet another mutation, a hybrid virus. This has started to spark fears that the new resulting virus will be more contagious. A sample from California showed ...

    • 12 February 2021
      2 weeks ago No comment

      Gold and Diamonds Rotary Charity Night

      Feb 13th 4 – 7pm Just in time for Valentines Day Refreshment & Food will be served (or Tequila) up to 70% off for Special VIP & Invited Guests One Year Financing – No Interest 25% of profit goes to RCVM Treasury for future projects. Arctic Fame Diamonds 942 ...

    • 12 February 2021
      2 weeks ago No comment

      Erin O’Toole announces Shadow Cabinet updates

      OTTAWA, ON – The Hon. Erin O’Toole, Leader of Canada’s Conservatives and the Official Opposition, today announced updates to the Conservative Shadow Cabinet. “Canadians are worried about their economic future,” O’Toole said. “Canadians have seen what happened when the Liberal government was in charge of getting vaccines, can we ...

    %d bloggers like this: