Wednesday 24 January
Powered by Ajaxy
Apr 15, 2016 @ 16:10

MVP sues PNoy admin for P877M damages in frozen toll fees

 

Another tollroad unit of Bilyonaryo Manuel V. Pangilinan’s Metro Pacific Investments Corp. (MPIC) has taken the government to court seeking P877 million in damages over frozen toll increases.

MPIC’s Cavitex Infrastructure Corp. (CIC) issued a Notice of Arbitration and Statement of Claim (Notice) to the Republic of the Philippines, acting by and through the Toll Regulatory Board (TRB) on Friday.

The company said the filing of the case is consistent with the dispute resolution procedures under the existing Toll Operation Agreement (TOA) to obtain compensation in the amount of P877 million for TRB’s inaction on lawful toll rate adjustments which were due last January 2012, January 2014, and January 2015.

Despite compliance with applicable legal requirements and submission of proper petitions, and even after acceding to TRB’s requests to extend the amicable settlement period by more than 90 days, MPIC said CIC has not received any feasible settlement offer from the TRB.

“In view of this, CIC was compelled to deliver the Notice of Arbitration to preserve its rights under the TOA,” MPIC added.

Early this month, MPIC’s Manila North Tollways Corp. (MNTC) filed a similar case and sought about P3 Billion in compensation for TRB’s inaction on lawful toll rate adjustments which were due since January 1, 2013.

MPIC through Metro Pacific Tollways Corp. (MPTC) holds a 75.6 percent stake in MNTC that operates the 86.7-kilometer North Luzon expressway (NLEX) and the 93.8-km Subic Clark Tarlac expressway (SCTEX).

It also operated the 13.5-km Manila Cavite expressway through CIC.

The tollroad arm of MPIC also has investments in Vietnam and Thailand.

Tags: , , , ,

Related Stories
Conglomerate San Miguel Corp. is embarking on a long-term expansion program for all its major
Infrastructure giant Metro Pacific Investments Corp. (MPIC) of Bilyonaryo Manuel V. Pangilinan is seeking P3
THE two thoroughfares that connect Metro Manila to the northern provinces are up
SEAOIL Philippines, Inc. expects its first “mega-station”, located along the Subic-Clark-Tarlac Expressway


 

Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - bilyonaryo.com.ph.