THE government has dashed all hopes of private-sector participation in the proposed expansion and modernization program of Metro Rail Transit Line 3 (MRT 3).
The decision affects separate proposals of San Miguel Corp. (SMC) and Metro Pacific Investments Corp. (MPIC) that earlier bared plans to upgrade and modernize facilities of the line stretching 16.9 kilometers across Makati City, Mandaluyong City, Pasay City and Quezon City.
According to Transportation Secretary Joseph Emilio Abaya, the SMC and MPIC proposals will no longer be pursued as the government has decided to buy out the interest of the private sector at MRT-3.
“SMC has a proposal and MPIC has its [own] proposal but our direction right now is for the buy-out to happen,” Abaya said of the plan on Friday.
Under the plan, the government will stop paying the Metro Rail Transit Corp. (MRTC) equity rental, maintenance cost and guaranteed debt payments as well as insurance expense and other items in a transaction seen costing the national coffers close to $1 billion.
Malacañang approved the plan last December and told the Department of Transportation and Communications to begin the buy-out transaction.
MPIC gained control over the MRTC when it acquired bond holdings of the Fil-Estate Group and offered to spend $300 million to expand and modernize the line and $350 million more to acquire equity and some debt notes issued by the MRTC.
SMC, on the other hand, offered to purchase new light rail vehicles for MRT-3 in exchange for revenues.
The buy-out plan will be executed under the leadership of Finance Secretary Cesar V. Purisima and will enable President Aquino to issue an executive order formalizing the agreement.
With the buy-out, the government would no longer be burdened by billions of pesos worth of fees paid the MRTC each year.
The buy-out would compel state-owned Land Bank and Development Bank of the Philippines to finally unload their MRT-3 shareholdings and heed a mandate from the Bangko Sentral ng Pilipinas to unburden themselves of their participation in the light-rail. –Jun Vallecera / Reporter, Businessmirror
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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