MANILA, Philippines – The government may opt to secure a 100-percent stake in the once-privately held Metro Rail Transit Corp. (MRTC) after it has already acquired a 75-percent controlling stake through state-owned banks Development Bank of the Philippines (DBP) and the Land Bank of the Philippines (Landbank), a Finance official has said.
This developed as the official said the government is eyeing to buy-out DBP and Landbank by the end of October, possibly through the issuance of bonds by the National Development Corp. (NDC), the state-owned investment arm.
MRTC operates the MRT-3 which runs from North Avenue in Quezon City to Taft Avenue in Pasay City.
A Finance official said the government may opt to increase its stake by going after the securities that were sold by the previous MRT-3 owners, which represents the remaining 25-percent ownership of the railway consortium.
“One of our options is 100-percent ownership,” the official said.
A 100-percent control in the MRT-3 would enable government to manage it better and eventually prepare it for reprivatization.
The remaining 25 percent that were in the form bonds are held by private creditor-banks – including Philippine Bank of Communications, Bank of Commerce and United Coconut Planters Bank – which chose to hold on to these securities.
Early this year, Landbank and DBP acquired majority control of the MRT-3 by shouldering 50-50 of the purchase cost estimated to be worth between $800 million and $900 million.
The Finance official said the government is eyeing to buy out Landbank and DBP possibly through a bond issuance by the NDC.
The partial take-out would involve payment of the portion of the principal investment plus interest, according to the finance official.
MRTC is previously majority owned by a holding company, MRT Holdings Inc., a consortium that originally consisted of Ayala Land Inc., Anglo Philippines Holding Corp., Fil-Estate Management Inc., Ramcar Inc., and Greenfield Development Corp.–Iris C. Gonzales, Philippine Star
World Day for Safety and Health at Work
“Safety and health at work every day!”
Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideos
Monthly Observances:
March – Women’s Role in History Month
April – Month of Planet Earth
Weekly Observances:
Last Week of March: Protection and Gender Fair Treatment of the Girl Child Week
Last Week of April – World Immunization Week
Daily Observances:
Mar 25 – International Day of Remembrance of the Victims of Slavery and the Transallantic Slave Trade
Mar 27– Earth Hour
Apr 21 – Civil Service Day
Apr 22 – World Earth Day
Apr 28 – World Day for Safety and Health at Work
